Applying for Help to Buy

September 2019
Buying a new house can be a daunting prospect. Whether you're a home owner looking to relocate or a first time buyer ready to climb the first rung of the ladder, there's a lot to think about and a lot to plan for.

At Help to Buy, we aim to make the application process as easy as possible for our buyers - so we've made this quick five-step guide highlighting the key stages you'll need to follow when applying for your equity loan! 


1. Speak with the experts

Prior to applying for the scheme, you'll need to have instructed a solicitor. They will work with us throughout the process, right up to completion.  We also recommend that you liaise with a financial advisor before reserving a property or applying for a mortgage. They will be able to help you find a mortgage in principle and advise you on the property price range you can afford. We have lists of solicitors and financial advisers that work frequently with the scheme on our Help to Buy Equity Loan page

2. Work out your figures

The standard figures for Help to Buy are 5% deposit, 75% mortgage and 20% equity loan. However, if you want to put in a larger deposit, that's fine! As long as your mortgage is a minimum of 25% and the equity loan is a minimum of 10%, your deposit can be as big as you like! 


3. Reserve your property

Before you can apply for your loan, you'll need to have reserved your property with the builder. Arrange a viewing with the site office. If you're reserving a plot that hasn't yet been built, don't worry. They will most likely have a show home you can visit. You'll need to pay a fee of up to £500 to reserve your plot - but don't worry. If you are not approved by Help to Buy, the builder is obliged to refund this fee.

4. Complete the form

Once you have your reservation form from the builder, have checked your figures against our calculator and have your solicitor in place, you are ready to apply for the scheme. We will need a hand signed application form, as well as a copy of the reservation form, in order to assess your case. This can be completed online or a PDF version can be completed by hand or on your computer. Completed forms can be sent to us via post or email, details of which are on the forms.


5. Wait for approval

Once we have received your signed documents, we will assess your case based on the scheme's criteria within four working days. We will be in touch if we have any queries or need additional information. Once the case has been processed and approved, you'll receive your Authority to Proceed! This means that you've completed the first few steps to purchasing your new home! Congratulations!