Find Your Help To Buy Services

Help to Buy offers an accessible way to get on the housing ladder when compared to traditional methods.

All firms are regulated by the Solicitors Regulation Authority or the Council for Licensed Help To Buy

Help To Buy
help@helptobuy.org.uk
0800 009 6634
1st Floor, Suite 2, 40 Charlotte Square, Edinburgh, EH2 4HQ
5
5
1206
Rated Excellent
Based on 1,206 reviews
Understanding & listened to our requirements

We found so far that they listen & understand our requirements, all ways available to answer any questions that we have had. Like most people who only get chance to check emails after work, when sent or responded to there emails they answer promptly at evenings & weekends. This is the 3rd time we have used the mortgage company and they meet our requirements.

Steve & Amy
Caroline & Nasreen were both very…

Caroline & Nasreen were both very informative and kept me updated all the way through. I had full trust in them right from the beginning. Would definitely recommend and hope to work with them again in the future.

Dexter
I was supported right from my first…

I was supported right from my first contact. I am going through a divorce and needed quick responses...I was accommodated and supported at all times. My Account Manager Fiona has gone above and beyond her required services.

Tanya Geldard
Well what can I say from start to…

Well what can I say from start to finish I have had exemplary service Suzy and her team have been amazing keeping my spirits up when I needed a boost and such a friendly knowledgeable manner I would certainly recommend to friends and family and would use again but sincerely hope I don’t need to.

Karen Rich
Fantastic service from Jo and Matt

Fantastic service from Jo and Matt. We have been struggling for a few years to get a mortgage but Jo was able to achieve this for us. We are really grateful.

Mrs Marais
Excellent service as usual

Excellent service as usual! Matt and Jodi are amazing! Thank you soo much for your help and answering my crazy questions.

Lisa Tilbrook
First Class Customer Service

Just completed on my first home. A massive thank you to Chris Summerson who found me exactly the mortgage deal I was looking for. Professional and friendly service throughout.

Graham Holbrook
Absolutely Outstanding Service

Jodi has been utterly brilliant and the service provided absolutely perfect, worth every penny. I urge any first time buyer to use The Mortgage Broker Ltd, it just takes all the stress and confusion out of the process and gives you access to an expert who can answer all of your questions honestly and with ease.

Alex H
Such a Positive Experience!!!

Such a positive experience!!! Would recommend it to anyone. Oliver had so much patience with me what is much appreciated. Guys are happy to answer all your questions and are happy to help / explain all documentation which I always struggle with. I'm hoping to hear from them again in about 18 months . Thank you Oliver!

Gosia Olejnik
Excellent and Fast Service

We used the mortgage broker to source a remortgage for our buy to let property. They were very professional and we were very delighted with the deal and service we got from them. Fiona and Becca also kept us updated on the progress of the application and we were able to complete the whole process under 30 days. Highly recommend them to anyone looking for a mortgage broker.

Ade G

Who Is Eligible For Help To Buy?

The Help to Buy scheme, or Help to Buy incentive, is a tax refund scheme by the UK government intended to aid first-time property buyers to achieve the capital they need to purchase a newly built home. Borrowers can get up to a maximum of 10 per cent of the value of the property they want to buy.

To claim a Help to Buy equity loan, interested applicants must:

  • Be a first-time property buyer
  • Build or buy a new property before 31 December 2021
  • Occupy the property as your main home for at least five years after building or purchasing
  • Be tax compliant for four years

To be eligible, you must not have previously purchased or built a house or apartment. This rule applies whether or not you have partnered with another party to obtain the property.

If you plan to build or purchase a new house with other parties, they must also be first-time buyers. However, inheriting or receiving the property as a gift will not affect your eligibility.

Other eligibility criteria for getting Help to Buy are:

  • You must be of legal age – 18 years old and above.
  • No maximum household income level is required.
  • A down payment of at least 5 per cent of the total price of the property.
  • Take out a mortgage that is 25 per cent or more of the total price of the property.
  • The property should not be worth more than £600,000.
  • If you own another property outside the country, you must sell it before or during the completion of purchase for the Help to Buy property.
  • You can’t rent your existing house in order to purchase a second property through Help to Buy.
  • You can’t sublet the Help to Buy property.
  • You must be able to prove that you can afford all of the repayments involved in Help to Buy, as well as other expenses for the home you are planning to purchase. There are standard Help to Buy calculators online, which can help you determine whether you can afford the property in the long term.

These applications also offer free use of both the Help to Buy mortgage calculator and Help to Buy ISA calculator.

Why Should You Get A Help To Buy Home?

Help to Buy offers an accessible way to get on the housing ladder when compared to traditional methods. This is because the scheme reduces the required amount for a deposit compared to purchasing a house on the open market.

Another benefit of the Help to Buy scheme from the government is that you can get better mortgage rates from lenders when offering a larger deposit.

What Are The Costs Of A Help to Buy Home?

If you want to purchase or build a new house worth £250,000, the breakdown would be:

  • £12,500 deposit from you
  • £50,000 government loan
  • £187,500 mortgage from the lending company

The Help to Buy loan will be interest-free for the next five years. After half a decade, the borrower will be charged a 1.75 per cent annual fee on top of the outstanding loan. In addition, this fee will increase each year by the Retail Price Index (RPI) plus 1 per cent.

The borrower can begin repaying their loan one year after they have purchased the property. However, when selling, they will also be required to pay a minimum of 10 per cent of the total value of the property at the time of sale

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What Is The Difference Between Help to Buy And A Shared Ownership?

There are some significant differences between shared ownership and Help to Buy properties. However, the most prominent is that Help to Buy lets you buy and legally own all of the property.

On the other hand, shared ownership lets buyers purchase a share of the property, which is usually at 25 to 75 per cent. They will have to pay a mortgage for the parts of the property that they own, as well as a subsidised rent for the remaining shares.

The buyer can always opt to purchase more shares through a process called “staircasing”. This lets buyers take ownership of a greater proportion of their home, reducing the amount of rent to be paid. By staircasing up to 100 per cent, a buyer can eventually be the sole owner of the property.

One notable thing to remember is that the deposit you are putting down for a Help to Buy property will generally include a huge boost from the Help to Buy equity loan, which makes up the difference between the purchase price and the mortgage itself.

Whereas, a deposit made on a shared ownership property will generally only be between 5 per cent and 10 per cent of the shares you are buying, and not of the property’s full market value.

Finally, Help to Buy is usually provided by house builders, while shared ownerships are offered by housing management companies. However, there are a few housing companies that offer properties through a Help to Buy scheme.

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How To Apply For A Help To Buy Scheme?

First, you must legally finish purchasing a home before 31 March 2021. Registered home builders will endorse available houses for sale during their developments. If you are interested in purchasing, you should contact these home builders to reserve your house, then pay a fee. Usually, the fee will not exceed £500.

After reserving, you will need to file for an equity loan application. For this part of the process, one of our professional Help to Buy agents can help! They are officially delegated by the government and will guide you throughout the whole process. Not only that, but our experts can help you assess your options, helping you to choose the best and most affordable home for you.

You can also consider getting advice from financial advisors to help you arrange your mortgage, solicitors to prepare all of the necessary legal documents, and other useful contacts.

To find out more about shared ownership and the Help to Buy scheme, please contact us at https://helptobuy.org.uk. We’ll be pleased to help you buy your first home!

FREQUENTLY ASKED QUESTIONS

How does the Help To Buy scheme work?

The Help to Buy scheme provides equity loans to eligible applicants. The government lets existing homeowners and first-time buyers borrow money to purchase a new home. Eligible applicants living in London can borrow up to 40 per cent of their property purchase price.

Can I put down more than a 5% deposit with Help to Buy?

Absolutely. However, this should be discussed with the applicant’s HomeBuy agent and financial adviser. Talking to them will help you to understand all of the available options to get the best Help to Buy mortgage for your budget.

Feel free to talk to our experts for better assistance in purchasing properties.

Is Help to Buy ending?

Currently, the government is in talks to prolong the Help to Buy scheme. The existing Help to Buy scheme is expected to last until April 2021.

After it ends, a new scheme will run for the following two years and be restricted to first-time buyers, with regional property price caps.

How much do I need in my Help to Buy ISA account?

The scheme requires a £400 minimum government bonus, which means an applicant should have saved at least £1,600 in their Help to Buy: ISA before they can get their bonus.

On the other hand, the maximum government bonus one can receive is £3,000. To get this rate, you should have at least £12,000 in savings in your Help To Buy ISA account.

Why would Help to Buy be declined?

There are a few reasons why a Help to Buy equity loan application could be declined. The most common reason is if you have existing overdue payments on other loans. A county court could decline your application if it sees that you have more than £500 on your credit file or if you have filed a bankruptcy in the last three years.

What happens after five years with Help to Buy?

After five years, borrowers are required to pay 1.75 per cent of the value of the loan they applied for. This increases each year by RPI plus 1 per cent, unless the borrower can repay the loan, usually by remortgaging.

How do I repay my Help To Buy?

There are a few options to help you pay off your Help to Buy property loan.

  • Remortgage
  • Sell and move elsewhere
  • Pay the loan or interest

Can I borrow five times my salary?

In the past, mortgage lenders calculated how much money the company could lend by multiplying the income of an applicant, with a limit of around 4 or 4.5 times their annual salary. However, a loan applicant’s income has not been the main deciding factor for banks and other lending companies in the past five years.

Is Help To Buy just for new builds?

The government plans to run the Help to Buy property purchase assistance scheme until 2021. It can be utilised by first-time buyers and eligible homeowners planning to move – but only for newly built properties.

How long does Help to Buy take?

An application for the Help to Buy loan takes a bit longer compared to the usual mortgage application. This is because applicants need to consult and wait for the Help to Buy agency. On average, it should take about six weeks for the application to be processed and completed.

How The Forces Help To Buy Scheme Works

The Forces Help to Buy scheme was introduced in April 2014 and was only supposed to be a three-year pilot scheme. Now, it has been extended until 2022.

The Forces Help to Buy scheme allows service personnel to borrow through salary advancements. The applicant can borrow up to half of their annual salary (before tax) up to a £25,000 maximum amount.

The scheme is intended to provide troops with a proper lending plan for property purchases upon buying their new homes. Most lending companies accept Forces Help to Buy loans as a deposit for buying new homes.

Find Out What Is The Right Help To Buy Scheme For You

Nowadays, most of us are struggling to buy a home, especially if it’s our first property. Luckily, getting Help to Buy homes is easy if you are eligible for the scheme. However, choosing the right Help to Buy scheme should give consideration to various factors.

A financial adviser or mortgage broker can help you choose which purchasing plan for properties is best for you. Consult our staff for advice in choosing your Help to Buy scheme!

The Three Help To Buy Schemes

There are three Help to Buy schemes defined by the government which can help people climb up the property ladder. These are:

1

Help To Buy Equity Loans

An equity loan helps people living in England to buy a new home. This works by providing a loan that covers up to 20 per cent of the property’s total purchase value. This means applicants can deposit as little as 5 per cent while taking a 75 per cent mortgage to cover the rest of the property purchase plan. As a result, the Help To Buy scheme significantly increases your chances of getting a mortgage deal.

2

Help To Buy ISA

This type of Help to Buy lets you save up to £12,000 and will provide a 25 per cent bonus upon completion of the purchase of your new home.

3

Help To Buy Shared Ownership

Another method to purchase an affordable home is through shared ownership. Instead of getting a Help To Buy loan, you instead purchase only a percentage of a property, often with a mortgage, and then pay rent on the remainder. You will also have the power to increase your share in the property later by purchasing more of the property until you have full ownership.

Get Expert Help To Buy Mortgage Advice

All firms are regulated by the Solicitors Regulation Authority or the Council for Licensed Help To Buy

The History Of Help To Buy Schemes

The first Help to Buy in England started in April 2013. Back then, the government was offering a 20 per cent equity loan to buyers of newly built houses, and buyers were required to provide a 5 per cent deposit.

When the house is sold, the government will then reclaim its loan. This means if a property’s value increases, the government will also make a profit.

Similar Help to Buy schemes started in Scotland in September 2013 and Wales in January 2014. In November 2015, George Osborne revealed that the Help to Buy scheme would be extended until 2021, rather than ending in December 2016 or originally intended.

In a statement made by George Osborne in the autumn of 2015, he revealed that due to more expensive property prices in London, the Help to Buy London scheme will be more generous. Instead of getting a 20 per cent loan, buyers can access up to 40 per cent of the property value.

If you need Help to Buy a house or other property, our experts can help. Contact us now!