How does it work?
If you’re looking to buy a home through either the Shared Ownership or Equity Loan schemes, the amount you can borrow for your mortgage will be determined by a number of key factors such as earnings, any debts you have and how much you have saved for a deposit.
As a prospective Plumlife buyer, we can offer you free, impartial mortgage advice to help you with your finances via our panel of Mortgage Advisors. Our carefully selected IFAs are experts in the affordable homes sector.
Your local Help to Buy Agency will confirm if you are eligible for the Shared Ownership or Equity Loan schemes. For Shared Ownership, you will need to apply online before reserving a property. The Help to Buy agency will carry out an assessment of your application, using Government-approved affordability and eligibility checks. Once your application has been approved, our Sales Advisors will be able to advise you on the next steps in reserving your new home. For more details, please visit our Help to Buy - Shared Ownership page.
For the Equity Loan scheme, you would need to ensure that 1. the developer selling the property is offering Help to Buy as an option, and 2. that you could, with the help of a mortgage, afford to buy 80% of your chosen property. You must not own a property or should be in the process of selling your property at the point of reservation. After reserving a property, your financial advisor will be able to help you complete your application with Help to Buy. More information can be found on our Help to Buy – Equity Loan page.
You can find out who your local Help to Buy Agency is by visiting: www.helptobuy.org.uk
The Money Advice Service
You can also get free, unbiased, independent financial advice via The Money Advice Service.
The Money Advice Service is an independent government-backed service which provides impartial financial guidance, so it won’t recommend any particular products or try to sell you anything.