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You must make sure that your customer has received the Authority to Proceed (ATP) form from their local Help to Buy Agent/Help to Buy Wales Agency before you submit a Help to Buy request, which must be provided before the Help to Buy request is submitted. The platform's default credit metrics and the following prerequisites apply to all applications:
250 years for buildings and 125 years for apartments and no encumbering provisions in leasehold surcharges. Applicants must be the principal resident of the newly constructed real estate and may not own any other real estate. If, at the time of applying, the hypothec had the maximal maturity for your old-age or retired payout, you need to call the platform to talk about the amended maturity requirement.
They are not sustainable as the program ends and the equity loan must be reimbursed either when the real estate is sold or at the end of the life. Each ERC that applies to the ERC would have to be payed if the ERC was settled within the ERC time.
Minimal equity repayments amount to 10% of the fair value at the date of the loan repayments. An equity loan must be redeemed either when the real estate is sold or at the end of its life. Every supplemental loan taken for partial or full redemption of the equity loan is governed by the Platform's credit terms and conditions at that point and requires a revaluation by the Platform.
Any further borrowings will only be available on the platform Default Variable Rate. The customer must have talked to the Help to Buy Agent/Help to Buy Wales Agency and received an Authority To Proceed before contacting the platform for further credit requests. A new LTV restriction for the first two years - houses 85% LTV & apartments 75% LTV, after 2 years apply default LTV conditions.
Further loan extension to the mortgages would be subject to approval by the Help to Buy Agent/Help to Buy Wales Agency and is likely to be subject to sanctions based on repayments of the HTB equity loan. An attorney is obliged to act on your client's and the platform's account when repaying the equity loan.
Under the Help to Buy Equity Loan Plan, your customer is required to make a down payment of at least 5% of the full amount of the loan. Your customer must repay the interest on the equity loan after 5 years. It is managed by Local Help to Buy Agents who evaluate and authorise all requests.
For local help on buying the agent, go to: