As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
Homebuyers looking to take advantage of the Help to Buy equity loan scheme have longer to do so after the government announced a two-month extension to the deadline. Construction delays caused by the pandemic have resulted in the deadline being moved from the end of December 2020 to 28 February 2021. There has been no change to the deadline for the legal completion of the sale which will remain 31 March 2021.
Homes England will also support those who had a new home reservation in place before 30 June this year. Each situation will be assessed to see whether an extension should be provided and if so, the legal completion deadline will be moved to 31 May 2021. There have been no changes to the new Help to Buy scheme which will still come into effect from 1 April 2021 and run until March 2023. The new scheme will introduce property price caps and is only available to first-time buyers.