How to find help to buy properties?
Help to buy properties usually can be found on zoopla, right move or what house but they tend to appear first in the inboxes of those signed up to the help to buy developers mailing list.
This means most help to buy properties never make it to Zoopla, right move or what house as they are snapped up by first-time buyers prior to them ever getting listed.
So your best chance of finding cheap help to buy properties would be to sign up with the help to buy developer who is building help to buy properties in your region.
You can also search for help to buy properties directly on the help to buy developers website as not all their properties are put on zoopla etc.
To make this easier for you we have drawn up a guide on the different help to buy developers and where they tend to build their help to buy properties.
You are more likely to receive a notification from a help to buy developer once they receive planning permissions for a block of help to buy properties. This means you will beat the majority of first-time buyer seeking the same help to buy properties to the punch.
Help to buy properties: A guide to Help to buy property developers
The below developers build help to buy properties within London and the surrounding region
- Harrow property developers
- sanctuary living
- Abbey New homes
- Altimat property
- Aquinna homes
- Ashgrove homes
- Barrat homes
- Be homes
17.Camden Place vilas
18.Catalyst housing group
23.country and city
29.The English cities Fund
44.Gold property developments
49.Hamilton court developments
52.Howarth homes plc
78.Notting hill sales
79.One housing group
98.Swan New homes
Help to buy property search?
See here for the best help to buy property search available.
What is the help to buy equity loan?
The help to buy equity loan is a first-time buyer government scheme which allows more people to get on the property ladder faster and with a smaller mortgage deposit.
The help to buy equity loan gives you up to a 40%(20% if you are outside London) equity loan which is interest free for the first 5 years.
The help to buy equity loan must be paid after 25 years or if you sell the help to buy property prior.
What are the eligibility requirements for a Help to buy property?
It must be a UK property
It cannot be more than £450,000 outside London and £600,000 within London
It cannot be a rental property
What are the help to buy eligibility terms?
a minimum of 5% for your mortgage deposit
You must be a first-time buyer or a home mover with no other property in the world.
You cannot have any overdue payments on any loans, any county court judgments (CCJs) against you for more than £500 nor can you have a bankruptcy on your credit file within the last 3 years.
You can only use a standard repayment mortgage, you won't be able to use any unique type of mortgage such as a guarantor mortgage or offset mortgage.
You cannot use any other Government schemes with your help to buy scheme aside from a help to buy ISA.
Other government schemes you may be eligible for:
You may also be able to use a host of government schemes to increase your mortgage deposit or reduce your total cost of purchasing a home.
The government schemes you may be able to use include:
- Lifetime ISA- gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA- gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy- same as above.
- Right to acquire- same as above.
You may also be able to use a host of mortgages with the help of your family.
They are a certain type of mortgage known as a family springboard mortgage, they include mortgages from lenders such as the Barclays family springboard mortgage, the lloyds lend a hand mortgage or the post office family link mortgage.
Your property ladder plan:
It seems you are past the early stages of planning your property ladder journey as you are searching for help to buy properties.
About Huuti: Huuti builds personalised plans for your money goals.
Our property ladder plan will:
Show you your complete mortgage affordability from a lenders point of view
Show you which private market and government schemes you are eligible for( which save time and money)
Show you how much you need to put away each month and help you build your mortgage deposit
Help build your credit score to improve your affordability
Match you with potential co-buyers to shorten your timeline on to the property ladder
Show you what mortgages you are eligible for, how much they will cost and help you get a mortgage