Help to Buy Scheme
The following information is taken from the South West Homes website. We are currently awaiting the authority to offer Help to Buy on all our current developments. This is expected in early May 2013.
Please e-mail us to register your interest.
The links take you directly to the latest South West Homes web pages.
What is Help to Buy - Equity Loan?
This scheme offers a 10%-20% equity loan funded by the Government through the Homes and Communities Agency (HCA) on new build properties.
The equity loan is interest free for the first 5 years, after this, a fee of 1.75% rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1% (please see the Help to Buy Buyer's Guide for examples).
The investment announced in the recent Budget review will allow the scheme to run for approximately three years (subject to funding).
Who is eligible?
This scheme is now available to all buyers (rather than just first time buyers)
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 buy-to-let investors
Maximum purchase price = £600,000
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:
Click to download the Help to Buy Buyer's Guide
Step 1: Locate a participating house builder and find a property
Step 2: Click to download the Property Information Form which will also be your application form
Step 3: Contact a South West Homes Approved Financial Advisor or approach the house builder who can suggest an Independent Financial Advisor (IFA). The IFA will confirm your financial status
Step 4: Submit the Property Information Form and Developer Reservation Form via one of the following options:
Fax: 0870 490 8959
Post: South West Homes, Unit 11, Brabazon Office Park, Golf Course Lane, Filton, Bristol BS34 7PZ
Step 5: We will issue a Form of Authority to Proceed which will give you further instructions (more information on the process can be found on pages 7-8 of the Help to Buy Buyer's Guide)
PLEASE NOTE You should not apply for your mortgage prior to receiving the Form of Authority to Proceed
For frequently asked questions please visit http://www.hm-treasury.gov.uk/10012.htm
If you would like to discuss the Help to Buy scheme, please contact South West Homes:
Telephone: 0845 034 3303