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Help to buy equity loan: Type of new build
lrjdc
Posts: 1 Newbie
Hi,
My husband and I are looking at buying our first home. It's a new build priced at 310k. It has been built and sold on a plot of land by a private seller, rather than the typical new build development sites these sort of loans were targeted at. My question is, does this matter and will it affect us being eligible for the loan? I've gotten a bit concerned since reading this on the helptobuy.gov website:
Are there any restrictions on the properties that I can purchase?
All Help to Buy: equity loan homes are on new build developments where the Homes and Communities Agency has a registration agreement with the house builder. You can only purchase from these house builders. The maximum purchase price is £600,000.
Does anyone have any more information there can give me on this? I'm pretty sure the seller did not have a registered agreement. Is this something that can be easily rectified however?
Thanks in advance!
My husband and I are looking at buying our first home. It's a new build priced at 310k. It has been built and sold on a plot of land by a private seller, rather than the typical new build development sites these sort of loans were targeted at. My question is, does this matter and will it affect us being eligible for the loan? I've gotten a bit concerned since reading this on the helptobuy.gov website:
Are there any restrictions on the properties that I can purchase?
All Help to Buy: equity loan homes are on new build developments where the Homes and Communities Agency has a registration agreement with the house builder. You can only purchase from these house builders. The maximum purchase price is £600,000.
Does anyone have any more information there can give me on this? I'm pretty sure the seller did not have a registered agreement. Is this something that can be easily rectified however?
Thanks in advance!
0
Comments
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If the provider isn't registered with the HCA, it can't offer HTB.
I have no idea if it can register for a single property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
HTB equity loans are only available if the builder has signed up to the scheme for a particular development. On the whole this is a scheme for the big companies. The developer unfortunately won't be able to just sign up to it so you can buy this house.0
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