The scheme, introduced almost a decade ago, allowed the government to offer up to 20 per cent of a newly built house or flat’s value (40 per cent in Greater London) in the form of an equity loan, with the home buyer able to put down a minimum 5 per cent deposit.
It was updated in April 2021 with new regional price caps and was restricted to applications from first time buyers only.
Frazer cited other government schemes, such as shared ownership, the mortgage guarantee scheme and First Homes, as well as a £11.5bn which has been allocated to building affordable homes.
A spokesperson for the Department for Levelling Up, Housing and Communities told FTAdviser: “Supporting aspiring homeowners is a government priority.
“We have extended the Help to Buy deadline to make sure people do not lose out because of delays to developers completing their homes.
“Housebuilders must ensure they finish building work on all properties by January 31. The legal completion deadline remains March 31.”
ruby.hinchliffe@ft.com
