Help to Buy
What is the Help to Buy Equity Loan Scheme?
This scheme offers a 10%-20% equity loan funded by the Government through the Homes and Communities Agency (HCA) on new build properties.
Who is eligible?
This scheme is available to first time buyers only
- You must be able to obtain a capital repayment mortgage (advised 25 year term) with a qualifying lender
- You must have access to a minimum 5% deposit (if one is required by your first charge lender) and be able to cover your legal fees
- Your Help to Buy equity loan property must be your only property prior to legal completion and is not available to anyone other than first time buyers.
Property Information
Maximum purchase price = £349,000 on homes in the South West of England (other regions have variable price caps although Newland Homes does not currently build in these areas)
There is no limit on the number of bedrooms
Maximum Developer reservation fee = £500 (this will be refundable if the buyer is not accepted on the scheme)
The builder may offer incentives to the value of no more than 5% of the purchase price
How to apply - don't worry, we will guide you through step-by-step
Step 1: Select the Newland Homes property that you wish to buy.
Step 2: Our Sales Consultant will explain the basis of the scheme and discuss the Property Information Form and the importance of your Independent Financial Advisor (IFA) in the Help to Buy process.
Step 3: Contact a Help to Buy Approved Financial Advisor. Newland Homes can suggest an Independent Financial Advisor (IFA) who is familiar with the scheme and will be able to help you through the application process. The IFA will confirm your financial status.
Step 4: Submit the Property Information Form and the Newland Homes Reservation Form via your Newland Homes Sales Consultant
Step 5: Your Help to Buy agent will issue a Form of Authority to Proceed normally within 4 working days which will give you further instructions.
Step 6: Let Newland Homes know that you have the Form of Authority to Proceed as soon as possible.
PLEASE NOTE You should not apply for your mortgage prior to receiving the Form of Authority to Proceed
Visit the Help to Buy website for more information
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Check that these mortgages will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
