London Daily

Focus on the big picture.
Monday, Sep 15, 2025

First-time buyers using help-to-buy scheme must reserve property by end of October

First-time buyers using help-to-buy scheme must reserve property by end of October

New homeowners face deadline two months earlier to access government-backed equity loan
First-time buyers who want to take advantage of the government’s help-to-buy scheme will have to reserve a property by the end of October, it has emerged – two months earlier than had been expected.

The scheme, which offers an equity loan to buyers to enable them to buy a new-build property with a deposit of just 5%, is set to end in March 2023 – a decade after it was launched to kickstart the housing market after the financial crisis.

Buyers must complete their purchase by then, so the deadline for applications was expected to be at the end of this year.

The move to set it earlier, first reported by the Sunday Telegraph, has been briefed to developers but not widely publicised.

Homes England, which runs the scheme, changed the guidance on its website on 20 May to update builders on the new deadline. Application will now close at 6pm on 31 October 2022.

The help to buy scheme was launched by George Osborne in 2013 in a bid to restart the ailing housing market. Initially there were two parts, a mortgage guarantee and the equity loan scheme, and they were available to all homebuyers.

Since December 2020 the equity loan scheme for England has been open to applications from first-time buyers only and there have been regional price caps for qualifying properties.

In London, buyers can take a government loan worth up to 40% of a purchase price up to £600,000, while elsewhere they can borrow 20%. Outside the capital the price cap ranges between £186,100 and £437,600.

The loans are interest-free for the first five years. They can be repaid at any time, but must be settled when the home is sold, or the mortgage is paid off.

Government figures show that by the end of last year 355,634 properties worth a combined £99bn had been bought with an equity loan, and that the total value of loans advanced was £22bn.

A spokesperson for Homes England said the dates had been agreed with the government and communicated to key stakeholders.

“When the scheme closes on the 31 March 2023 homebuyers must have legally exchanged on their home. The deadline for new applications is at the end of October to ensure consumers have enough time to complete their purchase,” the spokesperson said.

Although most of those using the scheme have been first-time buyers, it has been controversial. Earlier this year a House of Lords committee said the scheme had pushed up prices by more than the loan was worth to buyers and that the subsidies “do not provide good value for money.”

A department for levelling up, housing and communities spokesperson said: “The scheme is just one of the ways the government has made homeownership more achievable and affordable. “Shared Ownership, First Homes and the Mortgage Guarantee Scheme continue to support many more people into homes of their own.”
Newsletter

Related Articles

0:00
0:00
Close
China Finds Nvidia Violated Antitrust Laws in Mellanox Deal, Deepens Trade Tensions with US
US Air Force Begins Modifications on Qatar-Donated Jet Amid Plans to Use It as Air Force One
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
Elon Musk Retakes Lead as World’s Richest After Brief Ellison Surge
U.S. and China Agree on Framework to Shift TikTok to American Ownership
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
×