The Help to Buy Equity Loan Scheme was set up by the government to help people with little deposit, wanting to buy a home. It’s available to those that don’t own a home and are in the market for a new build home. 

To buy a new home using the Help to Buy Scheme, simply follow these steps

1. Speak with us to get an idea of what you can actually afford in terms of mortgage and house price. Help to Buy are very strict on what you can borrow, so you may find that a lender will happily lend you X amount, but Help to Buy will only allow you to borrow less. We’ll talk you through the process so you’re well placed to start searching for your dream home.

2. Once you’ve found somewhere, you’ll need to fill in a PIF (Property Information Form) with the housebuilder. This is where you reserve the home, subject to contract. You might be asked to pay a small holding deposit at this time (say £500).

3. Once you have a completed PIF and a Reservation Form completed, we can put the information forward to Help to Buy South, the scheme’s administrators.

4. Within 4 working days of receiving all the completed forms, Help to Buy South will make an in principle decision and issue what’s called an ‘Authority to Proceed’. Great! Now we can get on with things.

5. At this point we will apply for your mortgage and the lender will apply for all the references, value to property and liaise with Help to Buy South.

6. The legal documents that come with the Authority to Proceed need to go to your lawyer. In the meantime, we can get started on a formal mortgage application on your behalf.

7. Once the Equity Loan and mortgage have been processed, you are in a position to exchange and then complete the purchase. You just need to agree a moving-in-date and start thinking about fun stuff, like decorating and making your house, your home!

For more details see our Help to Buy Loan Scheme page.

For more information or to speak to a Help to Buy mortgage expert, contact us on 01628 507477.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

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