The current H2B scheme comes to an end on 16th December 2020. If you have not applied by that time you will need to wait till 1st April 2021 to move in to the new property when the new scheme starts. However, you can start the new application from that date.
The new scheme from 2021 – 2023 will only be available to First Time Buyers. However, it is not clear at the moment if it means only for those who have never owned a property or owned in the past many years ago but no longer home owners. Some mortgage lenders will consider those who haven’t owned a property for many years to be first time buyer appliance,
New Help to Buy for First Time Buyers Only.
Other important factor is that the value of the property will be capped, based on the region. Highest property value will be in London and lowest in North East.
There is no change to the other aspects of the scheme such as level of deposit and is still limited to new builds only.
To understand the advantages and disadvantages of the scheme, click here.