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Getting your documents together at the start of your mortgage application will really speed things up for you. Here's a handy list.
This is your quick go-to guide for everything you need to know about the Help to Buy application process.
Different Help to Buy Mortgage Lenders offer different maximum loan amounts. Here's how you should do your research.
Yes you can. When applying for a Help to Buy mortgage (with a poor credit history) the rule of thumb is - nothing within the last 3 months. Anything outside of that and you have options.
County Court Judgements (CCJ)
Pay Day Loans
IVA (Individual Voluntary Arrangement)
DMP (Debt Management Plan)
If you have had any or all of the above and want to buy a house under the Governments Help to Buy scheme, give us a call to help you arrange your mortgage.
Help to Buy makes new homes available to all home buyers (not just first time buyers) who wish to buy a new home but may be having problems raising a big enough deposit or mortgage.
The Governments Help to Buy Scheme (Home England) is an equity loan, up to a maximum of 20% (40% in London) of the value of a new build property you are looking to buy. An equity loan means that Home England will always own a % share of your home until you are able to repay the loan. Therefore, if the value of your home increases, so does the amount you will need to pay back.
The key points:
20% - maximum Equity Loan
5% - minimum cash buyer deposit
No interest payments for 5 years
25 year loan max.
Help to Buy new build homes are available from registered builders in England. These home builders will make it clear in their advertising if Help to Buy homes are available on their development sites.
£600k – max. purchase price
To find properties that are currently for sale under the scheme, you must first go to the helptobuy.gov website and find your local Help to Buy agent. Once on the agents website you will be able to carry out a search of your local area.
Help to Buy Equity Loans are available to first time and next time buyers alike. The maximum purchase price is £600k and the scheme is only available for registered new build houses. You cannot rent the property out, sublet it, and it must be your only property.
If you are a home owner, your current house must sold at the same time of the new purchase.
Once you have found a suitable new-build property with a participating, registered builder – you will need to complete a Property Information & Reservation Form with the builder.
Find your potential new home.
Get provisionally approved for your mortgage.
Reserve the home – normally a reservation fee is payable (£500 max.).
Complete the ‘Property Information Form’ with the builder and send to your local Help to Buy agent.
Help to Buy will issue ‘Authority to Proceed’ (within 4 days of receiving the Property Information Form).
Submit your mortgage application.
Exchange and complete as normal.
When you sell your Help to Buy home, you will repay the Homes England equity loan simultaneously. Therefore, if you initially purchase your home with a 20% Help to Buy equity loan, you will need to repay 20% of the sale value – even though this is likely to be more than initially borrowed.
You can sell your home at any time and an independent valuer must decide what it is worth. Your property should be sold on the open market at the prevailing market valuation.
The Help to Buy equity loan must be repaid when you sell your home. You will pay the costs of selling.
The Help to Buy scheme allows you to repay all or part of your equity loan. A partial repayment is often called “staircasing’. Staircasing payments can be made at any time and must be a minimum of 10% of your home’s prevailing market value.
Important: The amount you pay back is as a percentage of your home’s value when you sell it, not when you bought it.
Help to Buy: Buyers Guide - https://www.helptobuy.gov.uk/wp-content/uploads/Help-to-Buy-Buyers-Guide-Feb-2018-FINAL.pdf
Help to Buy: .gov information - https://www.gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loan
Help to Buy: Find your local Help to Buy Agent - https://www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent/
Help to Buy: Property Information & Reservation Form - https://www.helptobuyese.org.uk/docs/default-source/help-to-buy-equity-loans/property-information-form--oct2019.pdf?sfvrsn=34
Help to Buy: Government Website - https://www.helptobuy.gov.uk/equity-loan/equity-loans/
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