Government Schemes

In order to assist first-time buyers onto the property ladder, the Government has launched a number of schemes. The most popular of these are the Help to Buy (Equity Loan) Scheme, Armed Forces Help to Buy and the Help to Buy ISA. Please see below for more information. If you have any questions about these or any other schemes please contact our Residential Property Team on 01752 827069 or email [email protected] and we will be happy to discuss this with you.

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Help to Buy ISA?

We deal with Help to Buy ISA’s for people buying their first property.

What we need you to do:

Once you have finished topping up your ISA you will need to go to your bank and close the ISA. The balance of the ISA can be transferred to your account and does not need to be sent to us unless you are using it as the deposit. The bank will then issue you with an ISA Closing Statement. This can be instant or it can take up to 10 days depending on your bank. If completion is due before the bank is able to provide a closing statement they may be able to issue you an interim statement showing the closing balance. Once you have received this please send it to us as soon as possible and in good time for completion.

What we will do:

Once we have received your ISA Closing Statement we will prepare a First Time Buyers Declaration for you to sign and return.

Once completion has been agreed and we have the signed First Time Buyers Declaration and the Closing Statement we will submit the request for your Help to Buy ISA Bonus via an online portal.

The bonus will then be sent to us directly and we will account for this on the final completion statement.

How much will it cost?

We charge an additional £50+Vat for each Help to Buy ISA due to the extra work involved. This will be accounted for on the final completion statement.

Documents Required:

  • Help to Buy ISA Closing Statement (Issued by the Bank)
  • First Time Buyers Declaration (Prepared by Nash & Co)

Am I eligible for the bonus?

To be eligible you must reach the following criteria:

  • You must be a first time buyer (you cannot own or have owned a property previously)
  • The property must be less than £250,000
  • You must have saved at least £1600 in the ISA
Armed Forces Help to Buy

If you are a member of the armed forces you may be eligible for a Forces Help to Buy Loan.

Armed Forces Help to Buy

If you meet the criteria you may be able to borrow up to 50% of your salary (up to a maximum of £25,000), interest-free, to buy your first home. You can apply for this through the Joint Personnel Administration system.

This can count towards the deposit and other costs such as our fees and disbursements. However, it is important to note that we cannot use the Forces Help to Buy loan on the exchange of contracts. This is because, if the transaction does not complete, we would be required to return the funds to JPAC. We would therefore either ask your seller’s solicitor if they would accept a much-reduced deposit on exchange of contracts, or, alternatively, agree a simultaneous exchange and completion.

The Forces Help to Buy loan will not be secured as a charge against the property. You should still let your lender know that you are obtaining this.

Once you have submitted your application, both online and in paper form, we will receive a letter from JPAC asking us to confirm various details about the transaction. We will then send you the Promissory Note for signing. Once the Note has been signed and returned to us, we would then send the original to JPAC and ask them to confirm that everything is in order.

When we are close to completion we will request that the Forces Help to Buy funds be sent directly to us. JPAC has a very strict turnaround time on any correspondence we send and this is usually 10 working days so the earlier we can get everything sent to them the better.

For further information you can visit:

Government Help To Buy

This scheme is only available through Developers for the purchase of new-build properties.

Government Help to Buy (Equity Loan) Scheme

With this scheme the government will lend you up to 20% of the cost of a new build property meaning that you would only need to have a 75% mortgage and put 5% of your own money into the property.

You will need to make your lender aware that you are obtaining a Help to Buy Loan as this will affect the type of mortgage that you can get.

The way this works is that you will complete the Help to Buy application, usually available with the Site Agent on the development, and this will be submitted directly to them. Once you have been approved, we will receive notification from the Homes & Communities Agency with Authority to Proceed on the transaction.

When we receive your mortgage offer, we will send you an explanatory report together with two Equity Charge Deeds. We will need you to sign and return the Deeds so that we can submit our application for Authority to Exchange. The HCA usually have a strict turnaround time of 4-5 days. Until we have such Authority we cannot exchange.

Following exchange of contracts, we will submit a further request to HCA and they will send us the confirmation that completion can take place.

Following completion the Help to Buy Equity Loan is registered as a second charge after your Mortgage.