There are several steps you will need to go through to buy a home with a Help to Buy: Equity Loan. The information below provides an overview. More detailed information is available in the Help to Buy buyer’s guide.
Find a new-build home with a house builder (sometimes called a developer) registered to offer properties for sale through Help to Buy. If you have not yet found a home, you can use our property search.
Please be aware the property search results do not list every home available and are specific to the geographical area we cover. If you are searching for something specific please contact us for more information.
Reserve your home with the house builder. You will need to complete a property reservation form and will normally pay a reservation fee, up to a maximum of £500.
Seek professional support from a financial advisor or mortgage advisor to confirm what you can afford to borrow, without over-stretching yourself.
Please remember, your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it.
You will need to complete a Property Information Form (opens in a new window) as part of the application process.
This form confirms the property details, important dates, and agreement that the equity loan funds are paid directly to the house builder.
It’s important that you complete the Property Information Form carefully and check that all the details are correct before you submit it. Any mistakes could lead to delays in the home buying process.
Your Help to Buy agent will review the details you provide on the Property Information Form. They will confirm you are eligible for the equity loan scheme, that you can afford the repayments, and then issue an Authority to Proceed (ATP).
An ATP means that a broker or financial advisor is able to complete a full mortgage application for you and you can progress with your purchase.
You will need to:
Your solicitor or conveyancer will advise you and ensure you sign the sale contract and the Help to Buy: Equity Loan contract.
They will also check that your mortgage offer, the property price, and available funds are the same as the details given in the Authority to Proceed, before they request permission to exchange contracts from your Help to Buy agent.
The Help to Buy agent will issue approval, known as an Authority to Exchange (ATE), to your solicitor or conveyancer so that contracts can be exchanged.
You will have paid a deposit and are now legally contracted to complete the purchase by an agreed date.
More information about Help to Buy: Equity Loan
For more information about Help to Buy: Equity Loan please: