Help to Buy Mortgage through SAM Conveyancing
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Help to Buy Mortgage

3 min read
You'll need a Help to Buy mortgage to fund the balance of the purchase price when buying using the Government's Help to Buy Equity Loan scheme. This scheme allows for a lower deposit of 5% from you which is then added onto a Government Loan of up to 20% and then the balance of the 75% is funded by a Help to Buy mortgage.

NB Help to Buy has been extended to 2023, however from April 2021, the scheme is to be restricted to first time buyers only and there are new regional caps. Click on Help to Buy extended to 2023 for more information.

Help to Buy mortgage products differ to standard mortgages, although most high street banks and building societies have products available. Before you can get a mortgage in principle for a Help to Buy mortgage, you'll first need to get an Authority to Proceed from your local Help to Buy Agent.

Update 18 January 2019  -  Homes England announced with 'immediate effect' a statement to be added as standard to all Authority to Proceed letters issued to Help to Buy Equity Loan applicants.

This statement has implications for first charge lender mortgage calculations for Help to Buy and in particular how high an interest rate any lender can impose on a relevant Help to Buy mortgage borrower. Please see click to read full information on the ATP January 2019 update.

How do you get an Authority to Proceed?

Once you have found a property and paid a reservation fee to the developer (this should be no more than £500 and make sure to read the terms to see what happens if you have to pull out) then you can apply to a Government-appointed Help to Buy agent (click to find your local Help to agent).

You'll provide information to the agent about the property, your earnings, your ID and the names of all the applicants and then this is used to assess your eligibility and affordability. This process normally takes 4 working days after which you'll either be declined or you'll get 'Authority to Proceed'. Once you receive the Authority to Proceed you can apply for a mortgage - you can't apply until you get the authority.

How do you get a Help to Buy Mortgage?

After getting your Authority to Proceed you can apply to get a help to buy mortgage. You can speak to individual banks or building societies direct, or you can use a mortgage broker.

The mortgage application process is detailed and will access your financial and credit circumstances to see if you can afford a mortgage or if you should be allowed to get a mortgage based on your credit history.

When going with a specialist Help to Buy Mortgage Broker you get

  • someone to complete the technical mortgage application forms for you
  • access to the whole of the mortgage market; not just one bank or building society
  • independent advice
  • support in chasing your mortgage valuation and mortgage offer (read here to find out the full mortgage process)
  • access to exclusive mortgage deals not available when going direct

The mortgage advice is usually charge free, however some charge an upfront consultation fee.

*Access to whole of the market – 100% Impartial advice – No need for face-to-face meeting

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A SAM Conveyancing guide on the Help to Buy ISA Scheme

Help to Buy ISA Scheme

A Help to Buy Equity Loan guide from SAM Conveyancing

Help to Buy Equity Loan

A SAM Conveyancing guide on the Help to Buy Application Process

Help to Buy Application Process

FREE Online Conveyancing Process for Buyers

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