Bridger's Law

Help to Buy Scheme

We are able to assist you when you are buying using the Help to Buy scheme. We will guide you through their forms and requirements and synchronise their payment with your completion.

Residential Services

HELP TO BUY

The Scheme consist of two parts:

• The Help to Buy Loan
• The Help to By ISA

The Loan is only available when you purchase a new build property. The purchase price may not exceed £600,000.

You do not have to be a first time buyer to utilise the Help to Buy Scheme.

You must use the scheme to buy your main residence

You must use the scheme to buy your main residence and you may only own own property when you compete the purchase. It is therefore not available to investment buyers.

You will need the 5% deposit and the government will provide the remaining 20% deposit. The balance of the funds may be your own, a gift or from any Lender in the usual way.

The government will register a charge against the property which will be removed once this is paid back.

The ISA is a high interest savings account

The ISA is a high interest savings account where you are able to not only earn interest but where the government will top up your loan by up to 25% subject to their qualifying criteria.

You may use the Isa for a property with a market value of £250,000 outside of London or up to £450,000 within London.

The timeframes and procedures for applying for the top up bonus is strict.

You should not close your ISA account until you are about to exchange contracts. You must also close the account before you compete the sale and obtain a certificate from your bank.

When you are in a position to repay the mortgage

When you are in a position to repay the mortgage then a surveyor will need to value the property. The timescales are strict and there are specific forms which the Hep to buy Scheme require before repayment may be made. Once they have received their funds they will attend to the removal of their charge.

We are experienced in dealing with Help to Buy matters and work efficiently to ensure that the repayment is done before the amount provided by the Scheme lapses which means that you may have to spend more money in getting another survey and starting the process afresh which wastes your time and money.