Help to Buy

Let us help you to get on the property ladder

We’ll guide you through the whole process

Help to Buy is a government scheme which can help you buy a new build property under £600,000 (where the developer has registered for the scheme). The government can lend up to 20% of the cost of the property – up to 40% in London – and you only need a 5% deposit, with a mortgage for the rest. If you’re a first-time buyer or a home mover (i.e. selling and buying) who doesn’t own any other property, you may qualify for Help to Buy.

Our step by step guide on
how it all works

Start
Find out how much you can borrow

Put bluntly, it depends on what you can afford along with what Help to Buy and mortgage lenders deem to be affordable.

That’s why we start with a review of your current finances, and we talk you through the various costs of buying a property. Before you start browsing the property pages, you need to know your budget, including how much deposit you have available.

Step 1
Get a Mortgage in Principle

A mortgage in principle is not a guarantee, but it does show that a lender is willing in principle to financially support your property purchase.

Step 2
Start house hunting

Know what you’re looking for (including your must-haves, nice-to-haves, and deal-breakers).

Then you need to know where to look, including websites, estate agents, and property developers.

Step 3
Find a solicitor

You’ll need a solicitor to take care of the legal work involved in purchasing a property.

1) They understand the property sale and purchase process

2) They handle the various pre-purchase searches so that there are no surprises,

3) They take care of the contracts,

4) They will request Authority to Exchange (ATE) from Help to Buy

5) They will register the property in your name

Step 4
Contact your mortgage broker

As soon as you’ve found your perfect place and paid your reservation fee. Contact us to let us know and we’ll start to get the wheels in motion for you. We’ll help you to complete the Equity Loan application forms.

Once Help to Buy have approved your loan they will issue an Authority to Proceed (ATP) which is valid for 3 months.

Step 5
Apply for a mortgage

We review the mortgage market and advise you on the best mortgage for you. We’ll then complete the mortgage application for you and deal with all the paperwork that the lender requires.

Step 6
Get a valuation

As part of the application process, the mortgage lender will carry out an independent valuation and survey of the property.

Step 7
Receive a mortgage offer

Once everything checks out, your lender should make you a formal mortgage offer.

Step 8
Exchange contracts with the seller

Exchanging contracts is the point where the purchase becomes legally binding and involves the lawyers on both sides confirming that both seller and buyer are ready to proceed. For you as a buyer, that usually means having a signed contract, funds for a deposit, the mortgage offer, and the Authority to Exchange (ATE) from Help to Buy.

Step 9
Move into your new home

Once contracts have been exchanged and the sale completed, you’ll have the keys and can move in when you want – it’s yours now!

Step 10
Complete

Helping to find you the best
possible mortgage

We deal with a wide network of lenders offering the best mortgages on the market

Talk to an expert advisor today
020 3102 9545

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Commonly asked questions

Why use a mortgage broker?

A mortgage broker will have access to a wide range of lenders and will help you choose the most suitable mortgage for your situation.

It is our job to make the process as hassle-free as possible. We liaise with the lender and your solicitor, complete the paperwork, and are available to guide you through the specifics and answer any questions that arise.

How is ‘new build’ classified?

Different lenders have varying criteria as to which properties are defined as ‘new build’. A common definition is a property that has been built, converted or refurbished within the last two years;  often including properties that have not been occupied since being built.

It can often be more restrictive to secure a mortgage on a new build property. However, most lenders are prepared to lend at a higher loan to value rate (LTV) on a new build house than on a new build flat.

What is the maximum age I can take out a mortgage?

There is no blanket maximum age for applying for a mortgage – most lenders have their own age limits.

Usually, the maximum age at the end of the mortgage term is 75 or your intended retirement age, whichever is sooner. It’s not impossible to get a loan that goes beyond this age limit, but most options require you to provide proof that you can repay the mortgage when it extends into your retirement.

Some lenders will lend to clients up to age 80, using salaried earnings. And some will lend beyond that upon proof of a pension that can cover payments at 80+.

The complete guide to buying your first home

Buying your first home is exciting! It’s also stressful, with plenty of ‘traps’ for the unwary.

Expert advice and guidance is essential, and we lay out the whole process – step by step and jargon-free – in our complete mortgage guide for first time buyers.

First time buyer - case study

Learn how Mai’s personalised experience saved her time and money, giving her the mortgage she wanted.

Read Mai's story

Talk to an expert advisor today
020 3102 9545

Too busy to talk now? Find a convenient time for you Arrange a callback