Help to Buy
FIRST TIME BUYERS!
Are you a First Time Buyer?
Don’t own your own home?
Are you are in full time employment?
If your answer is yes, then Help to Buy could be the perfect Government backed scheme to Help you into Home ownership.
Help to Buy
We are here to help you every step of the way into home ownership and to make the process as easy as possible. We have free independent mortgage advisors who can talk you through the best mortgage options available for you. We also have a panel of solicitors who can act on your behalf and will ensure that the legal process is as smooth as possible.
Follow our easy steps into home ownership:
Save your deposit – you only need 5% and you may also be eligible for a Help to Buy ISA - If you are saving to buy your first home, save money into a Help to Buy ISA and the Government will boost your savings by 25%. So, for every £200 you save; receive a government bonus of £50. The maximum government bonus you can receive is £3,000. For further details https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/
Speak to an independent financial advisor who will assess your affordability and select the right mortgage product for you. The financial advisor will also give you a Decision in Principal (DIP) which confirms the mortgage amount you can borrow for your new home.
Select your new home at Middlewood Locks and pay your reservation fee of £500. Complete your reservation paperwork with the sales team.
Complete your Property Information Form (your financial advisor will usually assist you). Send a copy of your PIF to the sales team.
We will send your PIF to Help to Buy Northwest who are the agent acting on behalf of the Government and they will confirm that you are eligible for the scheme. Note if for any reason you are not eligible then your reservation fee is fully refundable.
Once we receive confirmation that you can proceed from Help to Buy Northwest, we will instruct our solicitors to send the contract packs to your solicitors and the legal process begins. This usually takes approximately 4 to 6 weeks to exchange and a further 10 days to complete.
In tandem with the solicitors carrying out their due diligence you will need to make sure that you have a valuation carried out on your new home, this will be arranged by your lender. Once your valuation has been carried out you will receive your mortgage offer from your lender.
Once your solicitor has reported to you on the legal documentation they will ask you to sign your contracts and ask you to put them in funds with the balance of your 5% deposit less your reservation fee.
Once we have exchanged contracts we aim to complete within 10 working days, during this time we will invite you in to have a home demonstration of your new home.
As soon as your solicitor has sent the balance of the monies for the apartment purchase and we have completed, we will make arrangements to carry out your handover and welcome you into your new home.
We hope you will be very happy in your new Middlewood Locks home!