How long does the help to buy application process take?
A help to buy application takes a bit longer than a typical mortgage application due to the fact that you have to consult and wait on your local help to buy agency.
It should take on average 6 weeks for the whole help to buy application process to completion of your help to buy home.
Confirm you are eligible for a help to buy scheme:
This is relatively simple, all you need to do is check your eligibility with a government scheme eligibility calculator and then confirm this by consulting your local help to buy agency. The help to buy agency will require you to fill a property information form when assessing your eligibility.
They will usually get back to you within 4 working days
Find an eligible help to buy property:
This all depends on the availability of eligible help to buy properties in your region. Remember to take into the price caps in London (£600,000) and outside London (£450,000).
An authority to proceed is given once the local help to buy agent has evaluated your affordability and eligibility for the help to buy scheme. The authority to proceed will be valid for 3 months.
Get your help to buy mortgage
Getting a help to buy mortgage could take up to 2 weeks depending on how fast your help to buy mortgage lender and help to buy mortgage broker work.
Complete on your help to buy purchase
Your conveyancer would have been working away in the background to ensure the sale process is going on smoothly.
The majority of help to buy house builders aim to exchange contracts within one month of you making a reservation by way of paying your deposit to the help to buy home builder.
Tip: The purchase of your help to buy property must complete within 6 months of exchanging contracts and you must complete the whole process within 9 months of you making an application to the help to buy agency by way of the property information form.