Barratt West Regional director welcomes Help to Buy extension

Barratt Developments' new west regional director has welcomed the government's announcement of an extension to the Help to Buy Scheme, which helped more than 5000 households in the South West buy a new home in the year to March 2020. 

The scheme enables people to buy a brand-new home with a 5% deposit on a property up to a value of £600,000 and a 5-year interest-free government loan for up to 20% allowing buyers to take out a 75% mortgage.

The deadline for the homes to be finished in order to qualify for the loan scheme has been extended from December 2020 to the end of February 2021, in order to ensure customers do not miss out if there has been a delay in construction due to the coronavirus pandemic. The deadline for legal completion will remain the same - 31 March 2021.

Barratt Developments is currently working on 36 developments across the South West which will deliver nearly 8000 much-needed new homes under its Barratt Homes and David Wilson Homes brands.

Ian Menham, recently appointed Barratt Developments' West Regional Director, 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."