Barratt Homes is championing the latest government announcements to extend its current Help to Buy Scheme that would have seen many customers lose out on a significant contribution towards their homes.
The current Help to Buy scheme was set to end in April 2021 for current homeowners looking to purchase a new build property, replacing it with a scheme that was for first time buyers only. The generous scheme tops up buyers’ deposits, enabling them to own a brand new home with just 5% of the property’s value, as the Help To Buy scheme would offer the remaining 15%.
Under the existing scheme, new homes would need to have been finished by December 2020. However, many buyers found themselves missing out due to delays brought on by COVID-19, leading to disappointment for thousands of people across the country as they relied on the scheme to get them into their new property.
The extension will mean the deadline will now move to 28th February 2021, with the deadline for the legal completion of the sale remaining at 31st March 2021.
Homes England has also pledged to work with everyone who had a reservation in place before 30th June and provide a further extension where necessary on a case-by-case basis. This means that more second steppers, as well as first time buyers, will be able to make the most of the current scheme until the new year.
Jon Green, Managing Director for Barratt Homes Southampton division, said:
“Extending the Help to Buy scheme is a sensible policy which will help thousands of families who would have otherwise missed out on buying a new home because of delays caused by coronavirus. In turn that will help to support local jobs and economic growth, keeping capacity in the industry and enabling it to build more of the homes the country needs.”
Barratt Homes is currently bringing new homes to the Isle of Wight through its St George’s Gate development in Shide.
Barret homes may be bringing new homes to Isle of Wight but they won’t be the only ones.A new planning shake up by our good old government will fast track new developments. Every piece of land in England will be designated as for ‘growth’ ‘renewal ‘ or ‘protection ‘. But local councils will stripped of power to decide on individual developments in a so called attempt to get the country building – I kid you not! So any objections will hit an invisible wall ! Our island alone will be wall to wall housing in the near future. The green spaces will be watered down. Another part of Agenda 21. Look it up – what’s coming will horriify you. Make your own minds up this is not a wind up.