Help to Buy
'Help to Buy' is a scheme designed to help you buy a new home with help from the Government through Homes England. You'll only need a low deposit of 5% and the Government will provide an equity loan of up to 20% of the purchase price, the rest is easy.
How does it work?
There are seven simple, effective steps
- You reserve the plot of your choice. A £200 reservation fee is payable. You instruct a solicitor from our approved panel who will act in your best interests, who know and understand how Help To Buy works and with which we have negotiated competitive rates for you
- You will be given free mortgage advice from our recommended specialist mortgage adviser who will financially qualify you and advise which documents you need to provide
- The specialist mortgage adviser will help you fill in the necessary forms to apply for Help To Buy
- The documents are checked and the HomeBuy agent grants you Authority to Proceed
- When you have received the authority to proceed, your mortgage adviser will help you make your mortgage application to a suitable lender
- When you have received your mortgage offer and your solicitor has carried out all the legal work you will exchange contracts. This will normally take about eight weeks
- When your new home is ready, your deposit, Help To Buy contribution and mortgage funds will be put together and when your solicitor is satisfied that the legal process is complete, legal completion can take place and you will receive the keys to your new home
Terms and Conditions
Help to Buy is available on selected plots and developments. For more information on specific developments please contact the Sales Office.
Gleeson reserves the right to withdraw the Help to Buy scheme at any time and without notice. Eligible Applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value).
Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. For the first 5 years there is no charge on the equity loan component. If you have not repaid the equity loan after 5 years you will be required to pay interest at 1.75% of the equity loan rising annually by the increase in the Retail Price index plus 1%. A monthly management fee of £1 per month is payable from the start of the loan until it is repaid.
The equity loan is provided by Homes England and is held as a second charge. The repayment sum will reflect the 20% of the market value when the property is sold. Terms and conditions apply and full details will be provided upon request. Help to Buy not offered in conjunction with any other promotion. Mortgage advice will be given by our recommended new build mortgage specialist. YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.