Help to Buy Equity Loan

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Help to Buy Equity Loan"

Transcription

1 Tel: Help to Buy Equity Loan A guide to buying your home What does Help to Buy NEYH do? 2 Who does Help to Buy NEYH, help to buy? 3 Authority to Proceed 4 The Application 5 Mortgage Offer and Exchange of Contracts 6 Completing the Purchase 7 How Long Does It Take? 8 Mortgage Lowdown 9 FAQ s 10

2 What does Help to Buy NEYH do? So if you are thinking about using Help to Buy to purchase your dream home you must be wondering what happens now? Here is an insight in to who we are and what we do for you. We are your local Help to Buy agent, and we act on behalf of the Homes and Communities Agency, also known as the HCA, to filter potential buyers, such as you, towards the Help to Buy scheme in the North East, Yorkshire and Humberside. We carry out an affordability check on all applicants to make sure that you are suitable for the scheme before we go forward with the application process. Our role as your Local Help to Buy Agent is to: Provide information about Help to Buy schemes to prospective buyers Assess your affordability and eligibility Give approval to your solicitor/conveyancer to proceed with your purchase Once you have completed your application for Help to Buy and your application has been approved and the sale is complete, all your details will be transferred to the post sale agent. The role for the post sale agent team is to: Collect the 1 management fee from the beginning of the loan. Administer payment of the interest fees from buyers on the Help to Buy Equity Loan after five years. Recover the equity loan repayment as owners sell and move on or pay off their Equity Loan. Provide advice and approval for exceptional cases relating to subletting, re-mortgaging and requests for additional borrowing. 2

3 Who does Help to Buy NEYH, help to buy? The myth that surrounds the Help to Buy scheme is that it is only for first time buyers and it is safe to say that this is definitely not the case. The scheme we offer is for any buyer who is looking to purchase a new build home. Whether you re looking to get on the property ladder or move up it, we re here to provide you with the assistance you need. Obviously, there is certain criterion you must meet in order to qualify for Help to Buy. For us to be able to help you, you must be able to: Fund up to 75% of your chosen property through a conventional mortgage Have access to a minimum 5% deposit Take out a mortgage with a qualifying lender You must also: Have no other residence or properties in your name Have sold any properties in your name before the completion date Not rent out your existing home and buy a second home through Help to Buy We will then carry out an assessment of your application to make sure that you are in a position to afford a mortgage for your proposed purchase. If you make a fraudulent claim for Help to Buy assistance, you will be liable to criminal prosecution and any fraudulent claims will always require immediate repayment of the Help to Buy equity loan. First time buyers Second steppers Families Martha and Chris were finally able to break the renting cycle when a new homes development was opened in the town. A young couple from Harrogate were finally able to break the renting cycle when a new homes development was opened in the town. We had been looking at homes to purchase after our landlord informed us he was selling the flat we currently lived in but found that there were very few new homes being built in the area that were within our price bracket Help to Buy is a fantastic scheme which meant we could afford a lovely new home much more comfortably than we could have imagined and in a lovely part of town. It s allowed us to break the renting cycle, buy a home in an ideal location for work and family commitments and we are sure it will be the perfect place to start our married life together. 3

4 The Application It is important you know what happens throughout the entire Help to Buy process in order to overcome any issues and make sure you have a smooth journey from the point of application to receiving your keys for your new home. Stage one is the application. You will need to contact house builders, visit schemes of registered house builders and identify the property you wish to buy. We recommend you see an Independent Financial Adviser (IFA) to gain confirmation of your financial status. We have a list of IFAs on our website that you can download if you go to co.uk/helpful-info/financial-advisers/. You must ensure you have the funds to pay: A reservation fee if required. This is basically a deposit, similar to what you would put down when you are renting a property. A deposit on exchange of contracts of at least 5% of the full purchase price. You should be aware that some of the main mortgage lenders may require higher deposits. Other fees on completion, such as stamp duty and legal fees. You must then reserve your chosen home and pay a reservation fee if your house builder requires one. You then need to complete a Help to Buy Property Information Form (PIF) which is available from the developer or on our website to complete online. You must complete this with details of your proposed purchase, your proposed main mortgage, deposit and you must include your household income. Included in the PIF will be a direct debit form, which you need to fill in to pay a monthly 1 management fee to the post sales agent. Louise Highton, 26, bought her three-bed home in York, just a year after finishing university, with the low deposit enabling her to take her first steps on the property ladder. I finished my PHD at the University of York last year and got a job straight after. I thought that as I m going to be here permanently, it makes sense to look at buying a house rather than renting. We were a little dubious at first and had to work out whether it made sense in the long run, however even 80% of this home is more than we could of afforded if we hadn t used the scheme. The whole process was really simple. They put us in touch with a mortgage adviser and he did almost everything for us. We had a meeting with him, gave him all the relevant documents and paperwork and he sorted it all out for us. I d definitely recommend Help to Buy to people in a similar position. You can get a much bigger house for your money with such a small deposit! The PIF will also confirm your agreement to the funds being paid directly to the house builder to enable them to reduce the full purchase price of the property. The signed PIF and a copy of the builder s signed reservation form must then be sent to us, your local Help to Buy agent. 4

5 Authority to Proceed Once the initial application has been sent to us, the next step is the Authority to Proceed (ATP). After we receive the Property Information Form (PIF) we will check that you are able to afford your main mortgage and make sure you have signed the declaration that states the Help to Buy property you want to purchase is your only residence. If you fit the eligibility criteria for Help to Buy, you will receive an Authority to Proceed (ATP) from us within four working days of us receiving your PIF and reservation form. This process may be delayed if you do not fully complete your PIF. Before we can issue the ATP you will need to instruct your solicitor so their details can be included on the form The ATP will be accompanied by instructions to you and your solicitor/ conveyancer. The pack will include legal documents that will be explained to you by your solicitor/conveyancer. Once you have recieved your ATP, you (or your IFA) will be able to make a full mortgage application. Solicitor Q&A with Richard Wisnia What do I need to know when appointing a solicitor? Expertise is the key. Make sure that the solicitor you re appointing has experience in the field. Ask if they have done any Help to Buy cases. What fees will I have to pay during the process? You will have to pay a legal fee, which is the cost of the work your solicitor carries out for you. Also payable are disbursements. These are things such as search reports, a land registration fee so that Land Registry can register your home upon completion and stamp duty. Be aware of all the costs before you begin. You can give us a call on at any stage of your application to get an update on where it s at. 5

6 Mortgage Offer and Exchange of Contracts After we have received your application and we have issued the Authority to Proceed (ATP) the next step will be the mortgage offer and the exchange of contracts. Your solicitor/conveyancer will: Advise you and ensure that you sign the sale contract and the Help to Buy equity loan Explain the legal implications of the equity loan and how your new Help to Buy home must be your only residence and what the consequences of a fraudulent application will be Check that your mortgage offer, property price and your available funds are consistent with the ATP and requests permission to exchange contracts from us We will then issue approval to your solicitor/ conveyancer and contracts are then exchanged. You will have paid a deposit if required and you will be legally contracted to complete the purchase by an agreed date. Keep in mind that if you can afford more than 90% of the full purchase price of your intended Help to Buy property then you will not qualify for Help to Buy assistance. Johnny and Jennifer completed the purchase of their home at Daisy Hill in Morley, having previously lived in a small two-bed terrace. Although we were interested before we heard of Help to Buy, we didn t get a lot of money for our previous home so knew it would be a close call on whether we could afford a house on the site. After selling our home we heard about Help to Buy and with help of the scheme we could afford one of the three bed homes on the development. With Help to Buy we were able to secure a much bigger house for our money whilst the mortgage payments are similar to what we were paying before. We ve always liked new build homes. The fact that you can move into one of the homes straight away without a lot of work is fantastic and in the long run it saves you money as well. Check out our YouTube channel to watch a Q&A with solicitor Richard Wisnia on the house buying process. 6

7 Completing the Purchase Now that the process is coming to an end, you are ready to complete the purchase of your new home. At the completion stage, your lender will provide the mortgage funds and the agency will make the equity loan funds available to you via the house builder. Once the completion has taken place, you will then own the property and you can move in to your brand new home. Your solicitor will then return the confirmation of the sale to us and we will then register your details with the post sales agent. A second charge will be registered on your home by your solicitor in favour of the HCA, entitling it to a share of the future sale proceeds. The charge will be equivalent to the percentage contribution made towards the purchase price and you must repay this when you sell your home or after 25 years, whichever is earlier. Start of year Estimated annual charge in property price % Total property value Help to Buy home owner your entitlement to 80% of property value Agency entitlement to 20% of property value , ,000 40, , ,200 40, , ,464 41, , ,794 42, , ,477 43, , ,653 44,163 In the example above, if you decide to sell your home at the start of year 6, after owning the property for 5 years, and assuming the property value has increased by 2% each year, you would receive an estimated 220,816 from the sale of your home. You would then use this to settle any outstanding balance on your main mortgage and repay the 44,163 Help to Buy equity loan. 7

8 How Long Does It Take? Once you have picked your dream home, we know you want to move in straight away. We try to make the process as quick and easy as possible but there are obviously various timings for each part of the process. Once you have reserved the property and submitted a completed Property Information Form (PIF) to us, we will seek to assess your affordability, which we do by looking at your fully completed PIF, within four working days and we will then issue an Authority to Proceed (ATP). Our ATP is valid for three months, which is the time limit for exchange of contracts. Typically most house builders will be looking for buyers to exchange contracts within one month of making a reservation. You are responsible for securing your mortgage and appointing your solicitor/conveyance although we will be able to suggest some options for you to contact. So to summarise: It will take up to four days for us to issue an Authority to Proceed The Authority to Proceed is valid for three months The majority of house builders aim to exchange contracts within one month of you making a reservation The sale must complete within 6 months of exchanging contracts The process from application to completion must take place within 9 months. Don t have a solicitor or financial adviser? Check out our website for a list you can download. 8

9 Mortgage Lowdown Trying to understand the ins and outs of your mortgage can be stressful. So we re here to take that stress away and tell you all you need to know about getting a mortgage to purchase your Help to Buy home. Your mortgage is based on a multiple up to a maximum of 4.5 times your household income and it is designed so you can make affordable repayments based on your income. In order to receive Help to Buy assistance, you will need a minimum contribution of 80% of the full purchase price of your property which is made up by your 5% deposit and a 75% mortgage. You can however put in a higher deposit. As a Help to Buy purchaser, you are expected to maximise your contribution to a reasonably affordable level and as your Help to Buy agent we will assess the affordability of your mortgage contribution. We always ensure that whilst maximising your mortgage you will still be able to afford your repayments and we work to a guideline to make sure that your monthly costs (such as your mortgage, service charges and fees) are no more than 45% of your net disposable income. After renting their home, Christian and Laura were able to take their first steps on the property ladder thanks to Help to Buy. We started looking last July for a home after having a few problems in the apartment we were renting at the time. We also felt we were wasting our money on rent as we had nothing to show for it. At the end of the day, renting is like dead money because you re not investing anything into your future. The application process was really easy and straightforward. We had to fill out an application form and that was it really, everything else was sorted out for us. You have so much freedom when you own your own home. You know that you are actually investing into something and not throwing your money away on rent. I d absolutely recommend the scheme. It s given us the opportunity to own an amazing home that we didn t think we could have had before. 9

10 FAQ s Who provides the contribution for Help to Buy? The equity loan is provided by the Homes and Communities Agency. The contribution is secured by a second charge on your property title registered at Land Registry. Can I sublet my Help to Buy home? No. Help to Buy is designed to assist you to move on to, or up the housing ladder. If you wish to sublet, you will first have to repay the Help to Buy equity loan. In exceptional circumstances, e.g. a serving member of the Armed Forces, whose role requires them to serve away from the area in which they live for a fixed period, then sub-letting is allowed. In these circumstances you would also require approval from your mortgage lender and post sales agent. Can I own other homes and buy a Help to Buy home? No. Help to Buy is designed to assist you to move up the housing ladder and must be your only residence. This means you will be expected to sell your current home if moving up the ladder. The disposal of your current home will be verified by your solicitor/conveyoncer before you can proceed to exchange contracts on the Help to Buy home. In addition you cannot be linked to a property financially, for the avoidance of doubt, married couples own assets jointly and therefore if one owns a property the other is directly linked to the asset and treated as a home owner also. Can I own a Help to Buy home and buy a second home? No. Help to Buy is designed to assist you to move up the housing ladder. If you can afford to purchase another home you will have to repay the Help to Buy equity loan. Married couples also standardly by law own each others assets, therefore all assets in a single name are treated as jointly owned in this scenario. Can I extend or alter the property? Not without permission. Because Help to Buy is designed to help people move up the housing ladder, you should consider repaying part or all of the Agency s contribution before making plans for improvements or alterations. This is because the Agency is seeking to help future aspiring buyers and may use the proceeds of these repayments to make more assistance available. Therefore, consent will not usually be granted for significant home improvements. The Post Sales Agent will act reasonably in considering any application and will review cases of hardshop if, for example, property modifications are required for a disability. When your property is sold in the future, if improvements have been made with the approval of the Post Sales Agent, these will be ignored when your property is valued to work out how much should be repaid to the Agency. After 5 years of ownership, how is the interest fee collected? Interest fees can be paid in a single yearly payment or in monthly instalments after the 5th year. The Post Sales Agent will collect your fee by direct debit or standing order. They will contact you at least a month before your fees are due, to set up your repayment arrangement. You will also receive a statement each year confirming when your fees are payable. The annual statement will also show any payments you have made once you start paying the fee. What is the 1 management fee? The 1 management fee is to cover administration costs over the period of the loan (excluding any administration costs for defaulting borrowers, changes of ownership, consents or repayment costs). This fee is payable by you from the start of the loan until you have repaid it. The fee does not reduce the amount that is owed on the loan. It will be collected by the Post Sales Agent by direct debit each month. 10

Help to Buy Buyers Guide. Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy August 2014

Help to Buy Buyers Guide. Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy August 2014 Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy August 2014 What is Help to Buy? Help to Buy is equity loan assistance to home buyers from the Homes

More information

Help to Buy Buyers Guide

Help to Buy Buyers Guide Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy Page 1 of 27 Key information Buyers using this scheme must provide security in the form of a second

More information

Help to Buy Buyer s Guide

Help to Buy Buyer s Guide Help to Buy Buyer s Guide Homes and Communities Agency August 2013 http://www.homesandcommunities.co.uk/help-to-buy Page 1 of 21 What is Help to Buy? Help to Buy is equity loan assistance to home buyers

More information

The Help to Buy: equity loan scheme What you need to know before you go ahead

The Help to Buy: equity loan scheme What you need to know before you go ahead Page 1 of 5 The Help to Buy: equity loan scheme What you need to know before you go ahead What is the Help to Buy: equity loan scheme? The Help to Buy: equity loan scheme is a Government backed programme

More information

equity loans explained State money, interest-free for five years

equity loans explained State money, interest-free for five years help TO buy Your guide to the latest government-backed scheme Produced by In association with equity loans explained State money, interest-free for five years easy access How to apply INTROducTION The

More information

Your Right to Buy Your Reading Borough Council Home

Your Right to Buy Your Reading Borough Council Home Your Right to Buy Your Reading Borough Council Home Information and advice for tenants (October 2015) Home Ownership Team 0118 937 2092 Your guide to buying your Council Home This booklet provides information

More information

Help to Buy Buyer s Guide

Help to Buy Buyer s Guide Help to Buy Help to Buy Buyer s Guide May 2013 www.taylorwimpey.co.uk/helptobuy What is Help to Buy? Help to Buy is an equity loan assistance scheme for home buyers from the Homes and Communities Agency

More information

Deferred Payment Agreement Charging

Deferred Payment Agreement Charging Deferred Payment Agreement Charging What is a Deferred Payment Agreement? A Deferred Payment Agreement is an arrangement with the council that will enable you to use the value of your home to help pay

More information

FirstBuy Buyers Guide

FirstBuy Buyers Guide FirstBuy Buyers Guide Homes and Communities Agency August 2011 http://www.homesandcommunities.co.uk/firstbuy Page 1 of 21 What is FirstBuy? FirstBuy is an affordable housing deposit assistance equity loan

More information

HOME OWNERSHIP THE REAL COSTS

HOME OWNERSHIP THE REAL COSTS HOME OWNERSHIP THE REAL COSTS THE GOVERNMENT REQUIRES US TO PROVIDE YOU WITH THIS INFORMATION PURSUANT TO SECTION 121AA HOUSING ACT 1985 If you just compare the cost of a mortgage with the cost of your

More information

Your Choice Equity Loan Scheme

Your Choice Equity Loan Scheme Your Choice Equity Loan Scheme Assisting aspiring homeowners to get on to the property ladder Catalyst Housing (Catalyst) is a leading housing association delivering affordable homeownership products across

More information

Rent to Buy Scheme (RTBS) Information Brochure The White House, Glenfinnan, PH37 4LS

Rent to Buy Scheme (RTBS) Information Brochure The White House, Glenfinnan, PH37 4LS Rent to Buy Scheme (RTBS) Information Brochure The White House, Glenfinnan, PH37 4LS Glenfinnan Rent to Buy Scheme 1 The Rent to Buy Scheme (RTBS) An exciting opportunity to rent, then buy a home in the

More information

SHARED OWNERSHIP BUYERS GUIDE

SHARED OWNERSHIP BUYERS GUIDE SHARED OWNERSHIP BUYERS GUIDE SHARED OWNERSHIP SHARED OWNERSHIP PROVIDES AN AFFORDABLE WAY TO BUY A HOME. YOU PURCHASE A SHARE IN A BRAND NEW HOME AND PAY A SUBSIDISED RENT ON THE PART YOU DON T OWN. IN

More information

REPAYING YOUR SHARED EQUITY LOAN WHEN YOU SELL YOUR HOME OR REPAY YOUR LOAN WITHOUT SELLING

REPAYING YOUR SHARED EQUITY LOAN WHEN YOU SELL YOUR HOME OR REPAY YOUR LOAN WITHOUT SELLING REPAYING YOUR SHARED EQUITY LOAN WHEN YOU SELL YOUR HOME OR REPAY YOUR LOAN WITHOUT SELLING Introduction You have contacted us because you are thinking of selling your home or repaying your equity loan

More information

Buying a flat. Your guide to. www.lawsociety.org.uk. Leasehold flats. Some differences between a house and a flat

Buying a flat. Your guide to. www.lawsociety.org.uk. Leasehold flats. Some differences between a house and a flat www.lawsociety.org.uk Your guide to Buying a flat Leasehold flats Buying a flat is not the same as buying a house. If you are buying a home, whether a house or a flat, you should read our guide to Buying

More information

Family Law - Divorce FAQ

Family Law - Divorce FAQ Family Law - Divorce FAQ We have only been married a short time when can I start a divorce? You cannot start a divorce until you have been married for at least 12 months and you must show that the marriage

More information

KEY MORTGAGE INFORMATION & EXPLANATIONS

KEY MORTGAGE INFORMATION & EXPLANATIONS KEY MORTGAGE INFORMATION & EXPLANATIONS THE SOCIETY Within this document reference to we us and our refers to the Society, full details of which are: Tipton & Coseley Building Society, 70 Owen Street,

More information

Equity Release your essential guide

Equity Release your essential guide Equity Release your essential guide Welcome This guide has been put together to explain equity release, what it means and the options it can offer. We aim to give you as broad an overview as possible and

More information

The Help to Buy Equity Loan Scheme What you need to know before you go ahead

The Help to Buy Equity Loan Scheme What you need to know before you go ahead Page 1 of 6 The Help to Buy Equity Loan Scheme What you need to know before you go ahead What is the Help to Buy Equity Loan scheme? The Help to Buy Equity Loan scheme is a Government backed programme

More information

EVENT GUIDE. Oxfordshire s biggest affordable homes show. Help to Buy South. The Kassam Stadium, Autumn 2014 SHARED OWNERSHIP HELP TO BUY RENT TO BUY

EVENT GUIDE. Oxfordshire s biggest affordable homes show. Help to Buy South. The Kassam Stadium, Autumn 2014 SHARED OWNERSHIP HELP TO BUY RENT TO BUY Oxfordshire s biggest affordable homes show SHARED OWNERSHIP HELP TO BUY RENT TO BUY Help to Buy South The Kassam Stadium, Autumn 2014 EVENT GUIDE Find out about homes and schemes available, including

More information

right up your street.

right up your street. buy to let landlords guide right up your street. More and more people are renting. As a landlord you ve got enough to think about, without worrying if you ve made the right financial choices. Our advisers

More information

Your Guide to. BUying A SHARED OWNERSHIP PROPERTY

Your Guide to. BUying A SHARED OWNERSHIP PROPERTY Your Guide to BUying A SHARED OWNERSHIP PROPERTY 1 What is Shared Ownership? Shared Ownership makes it possible to buy a property that otherwise would not have been affordable. Shared Ownership is available

More information

Moving Home Guide. A simple step by step guide to buying & selling

Moving Home Guide. A simple step by step guide to buying & selling RESIDENTIAL PROPERTY BUYING & SELLING Moving Home Guide A simple step by step guide to buying & selling 2 Turn to page 11 of this Guide where there is a useful checklist that details all the things you

More information

The Help to Buy: equity loan scheme What you need to know before you go ahead

The Help to Buy: equity loan scheme What you need to know before you go ahead Page 1 of 5 The Help to Buy: equity loan scheme What you need to know before you go ahead What is the Help to Buy: equity loan scheme? The Help to Buy: equity loan scheme is a Government backed programme

More information

Solicitors for property advice

Solicitors for property advice Solicitors for property advice As specialists in property law, Millbank Solicitors provide expert legal advice whether you are buying or selling your property, remortgaging or involved in a property dispute.

More information

Your guide to YourChoice Open Market Home Purchase Equity Loan Scheme. Making your aspiration of homeownership a reality

Your guide to YourChoice Open Market Home Purchase Equity Loan Scheme. Making your aspiration of homeownership a reality Your guide to YourChoice Open Market Home Purchase Equity Loan Scheme Making your aspiration of homeownership a reality For eligible people living or working in the South Bucks District Council area Delivered

More information

Have you heard about Open Market HomeBuy?

Have you heard about Open Market HomeBuy? Have you heard about Open Market HomeBuy? A guide to buying a home on the open market using an equity loan Contents What is Open Market HomeBuy? 3 Who is eligible for the scheme? 4 How does Open Market

More information

Remortgage. A simple guide for Remortgage

Remortgage. A simple guide for Remortgage A simple guide for Barr Financial Services is regulated by the FSA. FAS no. 506976. INTRODUCTION This guide hopes to help you understand what a remortgage is and why it may be right for you. If you own

More information

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way Remortgaging guide 1 Remortgaging guide We re with you every step of the way Remortgaging guide 2 With so many different mortgages out there to choose from, deciding which one is best for you can be a

More information

First Time Buyer Mortgage Information

First Time Buyer Mortgage Information First Time Buyer Mortgage Information If you re thinking about a Mortgage for your first home talk to us today A good time to talk to us? We re here to listen and help you whenever you need to talk to

More information

Tenants Guide to the Right to Buy

Tenants Guide to the Right to Buy Contents Section Page No. 1 Welcome to our Right to Buy Guide 2 2 Our Service Standards 3 3 Warning Cold Callers 4 4 Introduction to Right to Buy 5 5 Steps in the Right to Buy process 6 6 The Section 125

More information

Your guide to the Vale of White Horse District Council Open Market Equity Loan Scheme

Your guide to the Vale of White Horse District Council Open Market Equity Loan Scheme Your guide to the Vale of White Horse District Council Open Market Equity Loan Scheme Making your aspiration of homeownership a reality Your Home, Your Choice For eligible people living or working in the

More information

What is the Deferred Payments Scheme?

What is the Deferred Payments Scheme? What is the Deferred Payments Scheme? The Deferred Payments Scheme is designed to help you if you have been assessed as having to pay the full cost of your residential care but cannot afford to pay the

More information

A Professional Approach to Short Term Lending Secured against Land or Property

A Professional Approach to Short Term Lending Secured against Land or Property A Professional Approach to Short Term Lending Secured against Land or Property 2012 Edition A Professional Approach to Short Term Lending Secured against Land or Property Introduction The members of the

More information

We can help with BUYING A RESALE PROPERTY

We can help with BUYING A RESALE PROPERTY We can help with BUYING A RESALE PROPERTY Contents Buying a Resale property 2 Why buy through a Shared Ownership scheme? 2 Who are Family Mosaic? 3 When I buy a resale property, what am I buying? 3 I

More information

Lifetime Mortgage Terms & Conditions

Lifetime Mortgage Terms & Conditions Lifetime Mortgage Lifetime Mortgage England & Wales Retirement Advantage is a trading name of Stonehaven UK Ltd. Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales.

More information

Deferred Payment Agreement Scheme

Deferred Payment Agreement Scheme Adult Social Care and Health Deferred Payment Agreement Scheme Information about the Council s Deferred Payment Agreement Scheme an option to help you manage care home costs if you own your property www.reading.gov.uk/carecharges

More information

New Supply Shared Equity Scheme Information Brochure

New Supply Shared Equity Scheme Information Brochure New Supply Shared Equity Scheme Information Brochure New Supply Shared Equity The Scottish Government is committed to helping people on low to moderate incomes to become home owners where ownership is

More information

THE JOY OF HOME OWNERSHIP FAQ

THE JOY OF HOME OWNERSHIP FAQ THE JOY OF HOME OWNERSHIP FAQ Congratulations. By visiting the JoyofHomeownership.com, you are one step closer to owning your own home. Below are answers to a few Frequently Asked Questions concerning

More information

DEFERRED PAYMENT AGREEMENT. Information Pack for our service users and their families or representatives

DEFERRED PAYMENT AGREEMENT. Information Pack for our service users and their families or representatives 12 WEEK PROPERTY DISREGARD PERIOD AND THE DEFERRED PAYMENT AGREEMENT Information Pack for our service users and their families or representatives What is the 12 week Property Disregard Period? The Council

More information

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers All you need to know about the Seniors Money Lifetime Loan Information for you, your family and your advisers 1 Contents This brochure from Ireland s only specialist Lifetime Mortgage provider highlights

More information

Mortgage Account Charges

Mortgage Account Charges Mortgage Account Charges The charges you may need to pay when you take out a mortgage with us. Helpful banking Introduction In this leaflet we explain the costs, fees and other charges you may need to

More information

Borrowers Guide to Lending

Borrowers Guide to Lending Borrowers Guide to Lending Introduction The Borrowers Guide to Lending has been designed to assist consumers gain a better understanding on how the lending process works. The mortgage process can be confusing

More information

Affordable Home Ownership YOUR GUIDE

Affordable Home Ownership YOUR GUIDE Areas We Cover as a HomeBuy Agent Affordable Home Ownership YOUR GUIDE Registered Head Office Jubilee House, Stenson Road, Coalville, Leicestershire LE67 4NA Tel: 0844 892 0112 Fax: 01530 276033 For general

More information

Buying and Selling your Home

Buying and Selling your Home Buying and Selling your Home Buying or selling a property is probably the biggest financial transaction most of us will make during our lifetime. The pressure caused by the sheer scale of the money changing

More information

Paying for your own residential care

Paying for your own residential care Paying for your own residential care October 2015 Page 1 Contents How will I know whether my needs have to be met by residential care?... 3 How do I find a home?... 3 How much will I have to pay towards

More information

MORTGAGE ADVICE YOU CAN DEPEND ON

MORTGAGE ADVICE YOU CAN DEPEND ON MORTGAGE ADVICE YOU CAN DEPEND ON INTRODUCTION Whether you re buying your first home, remortgaging, or purchasing an investment property, there are lots of processes to go through, issues to tackle and

More information

The South Gloucestershire Home Energy Loan. A simple ten step guide to help you apply...

The South Gloucestershire Home Energy Loan. A simple ten step guide to help you apply... The South Gloucestershire Home Energy Loan A simple ten step guide to help you apply... The South Gloucestershire Home Energy Loan The South Gloucestershire Home Energy Loan is a new initiative which offers

More information

Deferred Payments. A guide to. Paying for residential care if you own your home

Deferred Payments. A guide to. Paying for residential care if you own your home Deferred Payments A guide to Paying for residential care if you own your home What is the deferred payment scheme? If you are a home owner moving to residential care this scheme is designed to assist you

More information

Conveyancing Guide. We welcome you as a client of Tyndallwoods and thank you for your instructions. Conveyancing has two basic stages

Conveyancing Guide. We welcome you as a client of Tyndallwoods and thank you for your instructions. Conveyancing has two basic stages Conveyancing Guide We welcome you as a client of Tyndallwoods and thank you for your instructions. This guide is part of the Tyndallwoods commitment to quality of service. We are well aware that moving

More information

All the help you need. to buy a new home from Berkeley

All the help you need. to buy a new home from Berkeley All the help you need to buy a new home from Berkeley Help to Buy is a new scheme backed by the Homes and Communities Agency, who are working with selected developers to make it easier for you to buy a

More information

Shared Home Ownership

Shared Home Ownership Shared Home Ownership Frequently Asked Questions Open your mind to the possibility of home ownership with Opening Doors Visit openingdoorswa.com.au Version: February 2016 Home Loans About the Opening Doors

More information

new-build homebuy South Staffordshire Housing Association

new-build homebuy South Staffordshire Housing Association new-build homebuy South Staffordshire Housing Association What is new build HomeBuy? New build HomeBuy, also widely known as shared ownership, is a government-funded scheme to help first-time buyers buy

More information

Home Loans. Talk to us today.

Home Loans. Talk to us today. Home Loans Talk to us today. Since 1875 we ve helped more than half a million people buy their dream home. It s what we do best. With 140 years of home loan know-how, you won t find a more experienced

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

Your guide to Using a solicitor

Your guide to Using a solicitor www.lawsociety.org.uk 1 Most of us need expert legal help at some time in our lives. Some of the most common issues are to do with buying a house, getting a divorce or making a will. But you might also

More information

Want. to make. your. home. your. own? Find out if this could be the right time to consider buying. Your Right to Buy

Want. to make. your. home. your. own? Find out if this could be the right time to consider buying. Your Right to Buy Council or Housing Association tenants Want Your Right to Buy to make your home your own? Find out if this could be the right time to consider buying 1 Contents Why you might like to buy Why you might

More information

SHARED OWNERSHIP LEASES. What is shared ownership leasehold and how does it work?

SHARED OWNERSHIP LEASES. What is shared ownership leasehold and how does it work? SHARED OWNERSHIP LEASES What is shared ownership leasehold and how does it work? Contents Purpose of this leaflet... 3 What is leasehold... 3 What is a shared ownership lease... 3 What are the differences

More information

Conveyancing Guide Making your Home yours..

Conveyancing Guide Making your Home yours.. Conveyancing Guide Making your Home yours.. Introduction to Conveyancing Buying your new home can be a long and difficult process and the final step, the legal one, often seems the biggest. Buying a house

More information

Partnering with you to buy your home or investment property. Finding the right loan, how much to borrow and approval steps

Partnering with you to buy your home or investment property. Finding the right loan, how much to borrow and approval steps Partnering with you to buy your home or investment property Finding the right loan, how much to borrow and approval steps Contents 04 Finding the right loan 08 Saving and borrowing for your home 12 Five

More information

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a The Mortgage Guide Helping you find the right mortgage for you Brought to you by Hello. Contents We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever

More information

FLAT BUYER'S SURVIVAL KIT

FLAT BUYER'S SURVIVAL KIT FLAT BUYER'S SURVIVAL KIT 21 tips - read them now. If you are buying a flat or a maisonette, before you make an offer... 1 Beware of leases with less than 85 years to run. Below this length of term, many

More information

Your Guide to Equity Release

Your Guide to Equity Release Equity release has enabled me to go on more holidays, purchase a new car and make some major household purchases. The service provided met our financial needs in an efficient and helpful way. John, Sutton

More information

Deferred Payment Agreements

Deferred Payment Agreements Deferred Payment Agreements Paying for your Care in a Home Barnet Council s Deferred Payment Scheme What is a Deferred Payment Agreement? A Deferred Payment Agreement is an arrangement with the Council

More information

Paying for the costs of major works to your property

Paying for the costs of major works to your property Paying for the costs of major works to your property Introduction We are responsible for thousands of homes and are committed to keeping those homes in a good state of repair. This means that from time

More information

Your guide to Help to Buy www.helptobuyese.org.uk

Your guide to Help to Buy www.helptobuyese.org.uk Help to Buy East and South East Your guide to Help to Buy Apply online at What is Help to Buy? If you want to purchase a home of your own, but can t afford to buy on the open market. Help to Buy could

More information

Deferred Payment Agreement (DPA) Fact Sheet

Deferred Payment Agreement (DPA) Fact Sheet Deferred Payment Agreement (DPA) Fact Sheet From April 2015, all councils in England are required to provide a Deferred Payment scheme for local residents. This will apply to anyone who owns a property

More information

Your Guide to Shared Ownership

Your Guide to Shared Ownership Your Guide to Shared Ownership 1 Shared ownership is designed for first-time buyers, who are able to raise a mortgage but are unable to afford the full cost of homeownership. Why buy a shared ownership

More information

Mortgage advice you can depend on

Mortgage advice you can depend on Our Mortgage advice you can depend on Whether buying your first home, buying to let, or remortgaging, this guide tackles the main considerations. If you want to learn more and receive advice tailored to

More information

Application form Residential Mortgage

Application form Residential Mortgage Application form Residential Mortgage Intermediary details This section requires details of any Broker, Packager, Sub broker, or Network who has an interest in this application. THIS PAGE MUST BE COMPLETED

More information

Buy To Let Purchase Plan. Product information. alrayanbank.co.uk

Buy To Let Purchase Plan. Product information. alrayanbank.co.uk Buy To Let Purchase Plan Product information alrayanbank.co.uk Sharia compliant, flexible, aordable property finance Unlike a conventional mortgage where the purchaser borrows money from a lender which

More information

Buyers Guide. If you have a property to sell, the first step you should take is to put it up for sale.

Buyers Guide. If you have a property to sell, the first step you should take is to put it up for sale. Buyers Guide The key steps involved with buying a property are summarised below. If you need any further information or advice, please do not hesitate to contact us. Sell your existing property (if you

More information

DSA. Debt Solutions Scenarios Pack

DSA. Debt Solutions Scenarios Pack DSA Debt Solutions Scenarios Pack TO HELP EXPLAIN SOME OF THE CONCEPTS CONTAINED IN THE PERSONAL INSOLVENCY LEGISLATION, THE INSOLVENCY SERVICE OF IRELAND HAS CREATED SOME POSSIBLE SCENARIOS TO ILLUSTRATE

More information

Your Home Buying Guide

Your Home Buying Guide Your Home Buying Guide What s involved in buying a home? The steps in the buying process. How do I apply for a loan and what do I need to provide? T. 1300 857 557 W. eselectfinance.com.au Your Home Buying

More information

Low-cost Initiative for First-Time Buyers. New Supply Shared Equity. Helping you to become a home owner

Low-cost Initiative for First-Time Buyers. New Supply Shared Equity. Helping you to become a home owner Low-cost Initiative for First-Time Buyers New Supply Shared Equity Helping you to become a home owner Low-cost Initiative for First-Time Buyers New Supply Shared Equity New Supply Shared Equity The Scottish

More information

A GUIDE TO PROPERTY PURCHASE IN THE UK

A GUIDE TO PROPERTY PURCHASE IN THE UK A GUIDE TO PROPERTY PURCHASE IN THE UK SALES I LETTINGS I PROPERTY MANAGEMENT ARCHITECTURE I DEVELOPMENT I CONSULTATION I INVESTMENT I VALUATIONS COMMERCIAL I PROJECT MANAGEMENT If you live abroad and

More information

Your name: Name of your business: Your business address:

Your name: Name of your business: Your business address: For mortgage intermediary use only please complete IN FULL Your NBS introducer code: Your name: Name of your business: Commercial mortgage application for a Partnership Please fill in every answer using

More information

SHARED OWNERSHIP HANDBOOK

SHARED OWNERSHIP HANDBOOK SHARED OWNERSHIP HANDBOOK 1 Hastoe shared owners handbook Welcome. We have put together this handbook as a guide for our shared owners. It describes your rights and responsibilities as a shared owner of

More information

Your retirement could have even more going for it

Your retirement could have even more going for it Your retirement could have even more going for it A straightforward guide to equity release For no obligation advice: call 0800 015 0993 www.justretirementsolutions.com Contents Imagine what you could

More information

WANT TO MAKE YOUR HOME YOUR OWN?

WANT TO MAKE YOUR HOME YOUR OWN? WANT TO MAKE YOUR HOME YOUR OWN? 1 Your Right to to Buy Buy FOR COUNCIL AND HOUSING ASSOCIATION TENANTS CONTENTS 3 Why you might like to buy 4 Do you have the Right to Buy? 6 What discount could you get?

More information

Your Guide to Equity Release

Your Guide to Equity Release Equity release has provided me with financial stability. I now have the opportunity to help my family, go on holiday, and make some home improvements. Mr W, East Sussex Your Guide to Equity Release Contents

More information

MORTGAGES. The easy guide for customers looking for a mortgage

MORTGAGES. The easy guide for customers looking for a mortgage MORTGAGES The easy guide for customers looking for a mortgage Introduction Buying a Home Your home is where you ll spend most of your life, and so it should be somewhere you really love. Whether buying

More information

Loan Protect Scripting

Loan Protect Scripting Positioning Hi My name is [Broker], I m calling from [Branch] Vow Financial. Can I please speak with [Client Name] How are you today? The purpose of this call is to provide you with some information on

More information

Mortgage Advisers. The Mortgage Guide Helping you find the right mortgage for you

Mortgage Advisers. The Mortgage Guide Helping you find the right mortgage for you Mortgage Advisers The Mortgage Guide Helping you find the right mortgage for you Hello. We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever make.

More information

WANT TO MAKE YOUR HOME YOUR OWN?

WANT TO MAKE YOUR HOME YOUR OWN? WANT TO MAKE YOUR HOME YOUR OWN? July 2015 1 Your Right to to Buy Buy FOR COUNCIL AND HOUSING ASSOCIATION TENANTS CONTENTS 3 Why you might like to buy 4 Do you have the Right to Buy? 6 What discount could

More information

Your guide to. Equity Release. with no obligation

Your guide to. Equity Release. with no obligation Your guide to Equity Release Expert advice with no obligation Your introduction to equity release Your retirement should give you the freedom to do all the things in life you haven t had time for. However,

More information

Make yourself at home with the UHomeLoan

Make yourself at home with the UHomeLoan Make yourself at home with the UHomeLoan You ve probably got a few questions about UBank and the UHomeLoan. You should find all of the answers right here. And if you have something specific in mind, just

More information

The First Time Buyers Initiative Buyers Guide

The First Time Buyers Initiative Buyers Guide The First Time Buyers Initiative Buyers Guide What is the First Time Buyers Initiative The First Time Buyers Initiative (FTBI) aims to make more affordable homes available to first time buyers priced out

More information

Estate Agency. Helping you every step of the way

Estate Agency. Helping you every step of the way Estate Agency Helping you every step of the way Do you want help finding your next home? Whether you re buying or selling Halifax Estate Agents offers you a complete home moving service that offers outstanding

More information

Your guide to Shared Ownership

Your guide to Shared Ownership Your guide to Shared Ownership 2 If you need this document in another format please contact us. Your Guide to Shared Ownership Delivering Affordable Housing This guide gives you information about buying

More information

Code of Conduct on Mortgage Arrears. A Consumer Guide

Code of Conduct on Mortgage Arrears. A Consumer Guide Code of Conduct on Mortgage Arrears A Consumer Guide Introduction If you are having trouble paying your mortgage or think you may have trouble paying your mortgage in the near future, the Central Bank

More information

ab YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY

ab YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY Selling a house or flat is almost certainly one of the most important transactions you'll ever make. Obviously you want to get it right, and it's

More information

MORTGAGE PART 1 (This area for Land Title Office use) Page 1 of pages

MORTGAGE PART 1 (This area for Land Title Office use) Page 1 of pages LAND TITLE ACT FORM B (Section 225) Province of British Columbia MORTGAGE PART 1 (This area for Land Title Office use) Page 1 of pages 1. APPLICATION: (Name, address, phone number and signature of applicant,

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Home Purchase Plan. Product information. alrayanbank.co.uk

Home Purchase Plan. Product information. alrayanbank.co.uk Home Purchase Plan Product information alrayanbank.co.uk Sharia compliant, flexible, aordable home finance Unlike a conventional mortgage where the purchaser borrows money from a lender which is then repaid

More information

GADSBY WICKS SOLICITORS FUNDING THE CLAIM

GADSBY WICKS SOLICITORS FUNDING THE CLAIM FUNDING THE CLAIM This is an important issue because we know that many people are understandably very worried about incurring legal costs. But there is no need to worry about costs. Because of changes

More information

businessmortgagesolutions

businessmortgagesolutions businessmortgagesolutions Tel: 01834 849797 email: info@business-mortgage.com All you need to know about funding the purchase of a leasehold business Introduction Backed by over 20 years experience in

More information

Mortgage Term Glossary

Mortgage Term Glossary Mortgage Term Glossary Advance - The mortgage Loan. Adverse Credit - This is the term used if the borrower has suffered a poor credit history. This could include previous mortgage or loan arrears, CCJ's

More information

RIGHT TO ACQUIRE PROCEDURES

RIGHT TO ACQUIRE PROCEDURES RIGHT TO ACQUIRE PROCEDURES The Right to Acquire was introduced by the 1996 Housing Act and is effectively the right to buy as a condition of Social Housing Grant funding. The Right to Buy rules apply

More information

LIFETIME MORTGAGE LUMP SUM

LIFETIME MORTGAGE LUMP SUM LIFETIME MORTGAGE LUMP SUM Terms and Conditions (version 5) This is an important document. Please keep it in a safe place. LV= Lifetime Mortgage lump sum Terms and Conditions Welcome to LV=, and thank

More information