The extension to the Help to Buy completion deadline has been welcomed by mortgage brokers, who said that clients who still have not had their purchases go through have been "through the wringer”.

Brokers say Help to Buy clients being ‘put through the wringer’ ‒ analysis

Paul Neal, mortgage and equity release specialist at Missing Element Mortgage Services, said his firm took the decision early in 2022 to no longer take on any more Help to Buy applications.

He explained: “Due to the speed the market was moving we knew there would be so many problems with getting completions done on time. We really do feel for those first-time buyers whose dreams will be shattered by firms working at a snail’s pace.”

Adam Thomas, managing director of Thomas Group Financial Services, said he still had four Help to Buy cases yet to complete, and noted that the delays have frequently been down to issues around insurance on the developer end.

He said: “It’s often that they haven’t had the relevant insurance people round to sign off the build. They have exchanged but can’t complete until that is signed off, which is very stressful for the clients. For example, I have clients completing on Friday, and the property still needs to have the sealant done, and it hasn’t been cleaned yet. They are happy to complete because they have been through the wringer, they are sick of it and want it done.”

I am a fully CeMAP qualified mortgage adviser and Director at Thomas group Financial Services, a whole of market brokerage based in the South East. I have a wealth of experience dealing with private banks, foreign currency mortgages, ex pats and dealing with foreign nationals, along with the entire UK market including Help to Buy, shared ownership, bridging loans, self build mortgages and applicants on visas in the residential, buy to let and commercial space.

Adam Thomas's Media Coverage