A look at the Help to Buy Equity Loan buying process
The Help to Buy Equity Loan is one of the options you have available to get on or move up the housing ladder. With a minimum 5% deposit you can purchase a brand new home that you may not have been able to afford otherwise.
Below you’ll find the steps involved in the process of purchasing a new home with the Help to Buy Equity Loan.
Step 1 – We recommend that you first get an idea of what you can afford by speaking to an Independent Financial Advisor (IFA). Click here to view a list of our recommended IFAs. From there you can then look at finding an affordable home by searching our website, other property portals like Rightmove or the housebuilders own website. You may even find the home you’re looking for while out and about!
Once you’ve found the property you’re looking to buy you complete a Property Information Form (PIF) with the housebuilder. At this point you will also reserve the home and usually you will be expected to pay a reservation fee (up to £500). A copy of the PIF and reservation form is then sent to Help to Buy South for us to process.
Step 2 – Help to Buy South will perform checks to ensure that you’re able to afford the home and ensure that it’s your only property. If affordable you’ll receive an Authority to Proceed from us within 4 working days of us receiving the completed and correct documents.
Once you receive your Authority to Proceed you will then need to instruct a solicitor and tell your IFA that you’re now able to complete a full mortgage application. The Authority to Proceed also comes with legal documents that you give to your solicitor.
Step 3 – Your solicitor will work with you to explain the legal requirements of the Help to Buy Equity Loan scheme and will check that all the figures are consistent and match the Authority to Proceed. Once this is all in order your solicitor will contact Help to Buy South and request permission to exchange contracts who will then issue approval. At this point you will have paid your deposit and are given a date to complete your purchase
Step 4 – The funds for the loan will be processed in the background and your solicitor will confirm the sale to Help to Buy South who’ll then register your details with the Mortgage Administrator, Target who will deal with loan repayments or queries relating to the equity loan following your purchase of the home..
Once this happens you’ll take your keys and, congratulations, the property is now yours to decorate and do with as you like!
We hope the above helps explain the buying process for the Help to Buy Equity Loan. More detailed information can be found in the Help to Buy Equity Loan Buyers Guide found on our website. You can also call our Customer Service Centre on 0800 456 11 88 or email firstname.lastname@example.org if you have any more questions.
|More info:||Call 0800 456 11 88|