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Help To Buy Explained In Three Stages

  18 Aug 2017

Anyone looking to buy property will know that it can be a difficult and expensive matter. This is why it is good to get as much help as you can and this is why there are a number of Government backed schemes that will hopefully help people to get on the property ladder or make their next move.

While there are many stages involved with buying property and indeed the Help To Buy scheme, if you follow these three stages, you will find the process becomes much simpler.

  • Review the three main Help To Buy options
  • Ensure that you are eligible for assistance
  • Work with a solicitor to obtain the full range of benefits

Once you have examined the three main Help To Buy options, you will have a better idea about which option is best for your needs. The three main Help To Buy schemes are:

  • Help To Buy ISA
  • Help To Buy Shared Ownership
  • Help To Buy Equity Loan

These are the three main options provided at present, and they have all their relative merits and issues. Depending on your own personal circumstances, it is likely that one of the options will be more suitable to your needs. This is a topic you should be discussing with your advisor but you’ll find that most reputable estate agents will be able to discuss this matter and offer guidance.

Help To Buy ISA

This option will help you to boost your savings by 25%, which is a hugely important aspect of the buying process. The maximum on offer from the Government is £3,000 but this is per person, not per household or purchase, so a couple with the means could earn up to £6,000 in assistance.

It is possible to start the saving process with a lump sum of £1,200 in the first month and then the maximum amount that can be saved each month is £200.

Help To Buy Shared Ownership

Many people cannot a 100% mortgage on their property and the Shared Ownership option allows people to buy a share of the property, usually between 25% and 75% of a home, and then rent the remaining share. Over time, it is possible for the individual to buy the outstanding share of the property.

If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.

Help To Buy Equity Loan

With the Equity Loan scheme, the Government provides 20% of the cost of a built property as an interest free loan for five years, which means that the buyer only has to find a 5% deposit and a 75% mortgage.

You need to be eligible for assistance

You should also make sure that you are eligible for support for the option that is right for you, and they all have their own criteria. If you are looking at the ISA scheme, this is only on offer to first time property buyers. If you are considering the Shared Ownership Scheme, this is only available to households who have an income level below a certain amount (less than £80,000 or less than £90,000 in London). Anyone considering the Equity Loan Scheme should be aware that this is only available when buying a new build property.

In addition to these aspects, there is a need for the buyer to show that they are old enough and that they hold the legal status to remain in the United Kingdom. The criteria may influence which type of Help To Buy assistance is the best option for an individual, couple or family, so make sure that you review all of the terms and conditions.

People looking to buy property in London are entitled to additional assistance, so this is also something that is worth bearing in mind.

Work with a solicitor or conveyancer

In order to take advantage of the Help To Buy schemes, there is a need to work closely with a solicitor. This is because the financial funding or support is provided to the solicitor, who will then make the necessary arrangements for it. However, you will find that a solicitor experienced in these matters will be able to provide you with guidance and they will be comfortable in carrying out the necessary paperwork associated with the role.

This should help to speed up the process and minimise the likelihood of any difficulties arising from an application.

Buying a home can seem like a daunting challenge and while the Help To Buy scheme is a great benefit, many people will have worries about applying or utilising this assistance. However, breaking down Help To Buy into three stages makes the process a lot more manageable, which should help people obtain the assistance they need to buy property.


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