Help to Buy: Equity Loan (2021-2023) Homebuilder briefing – Applications Closedown, accessible version
Updated 14 April 2023
Applies to England
© Crown copyright 2023
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/publications/help-to-buy-equity-loan-2021-2023-funding-administration-agreement/help-to-buy-equity-loan-2021-2023-homebuilder-briefing-applications-closedown-accessible-version
Help to Buy: Equity Loan (2021-2023) Homebuilder briefing – Applications Closedown
June 2022
In 2018 the Secretary of State announced a Help to Buy: Equity Loan (2021-2023) scheme to support first time homebuyers. The scheme launched on 1 April 2021 and will close on 31 March 2023.
With applications for the scheme coming to an end, we want to give homebuyers time to apply for their equity loan and legally complete the purchase of their home.
To support this, we’ve set out some key dates for homebuyers and homebuilders.
Key dates
Friday 29 July 2022
Homebuilders to register and submit initial funding forecast for Help to Buy This is the deadline for all Homebuilders who are not in contract with Homes England for Help to Buy: Equity Loan to:
- apply to register for Help to Buy: Equity Loan; and
- submit their initial forecasts before 5pm
Please note it takes at least 8 weeks to get homebuilders fully into contract. All homebuilders must be fully in contract by Friday 30 September 2022.
Any homebuilders that miss this deadline will not be eligible for the scheme.
Friday 23 September 2022 - Homebuilders in contract must submit annual 2022-2023 forecast
By this deadline contracted homebuilders must submit their 2022-2023 forecast to ensure Help to Buy homes meet legal completion before the scheme ends on 31 March 2023.
Homebuilders must have approved funding, or reservations will be rejected by the Help to Buy agent. To submit a forecast, homebuilders can log in to the Help to Buy IMS Forecast Management Module and select ‘Submit Forecast’.
Friday 30 September 2022 - Homebuilders must be fully in contract with Homes England and have approved equity loan funding to market Help to Buy: Equity Loan.
Homebuilders must have submitted the correct documentation and given Homes England enough time to process the information and approve the funding by this date.
Homebuyers can only apply for an equity loan if they reserve an eligible new build from any of the homebuilders in contract with the Help to Buy scheme.
Friday 21 October 2022 - Homebuilders must submit change requests
Contracted homebuilders must submit any change requests in the Help to Buy IMS Forecast Management Module (FMM), as explained above, by 5pm on Friday 21 October 2022.
Approved funding for each Government Region on FMM must reflect anticipated sales for that area.
Monday 31 October 2022 - Final date for homebuyers to apply for Help to Buy: Equity Loan (2021-2023)
Homebuyers must apply for Help to Buy: Equity Loan (2021-2023) by 6pm on Monday 31 October 2022.
To apply, homebuyers must reserve their home with a homebuilder registered with Help to Buy: Equity Loan and submit their Property Information Form to their Help to Buy agent.
Homebuilders should ensure that homebuyers can reserve their Help to Buy home and complete the reservation form in time to meet this deadline.
Saturday 31 December 2022 - First Longstop Date (Practical Completion deadline)
By this date, homebuilders must finish building the Help to Buy home so that it is ready to live in.
At this stage all Help to Buy homes must have been issued with a building warranty and a building regulations completion certificate. Homebuilders must tell homebuyers if they cannot meet this date.
Update: The government has decided not to enforce the First Longstop Date of 31 December 2022 for properties where Practical Completion will take place on or before 31 January 2023.
Friday 31 March 2023 - Second Longstop Date - Help to Buy: Equity Loan (2021-2023) ends
This is the legal completion deadline. Homebuyers must complete the purchase of a Help to Buy Eligible Dwelling on or before this date. Homebuyers are expected to legally complete their purchase and have the keys to their home before 6pm.
Homebuilders will know which Help to Buy homes will meet the 31 March 2023 legal completion date (Second Longstop Date). Homebuilders must tell homebuyers in advance if they cannot meet these dates.
If these Help to Buy deadlines cannot be met, and homes do not reach legal completion by the 31 March 2023 (Second Longstop Date), the homebuilder must refund the reservation fee in full.
If contracts have been exchanged, homebuilders are required to unconditionally release the buyer from the contract and refund their full deposit as soon as possible.
There are no other fees paid by homebuyers to apply for a Help to Buy: Equity Loan, but homebuyers may still have to pay related costs and fees involved in the purchase of a home. This includes costs related to legal and financial advice.