As you may or may not know, the deadline for the current phase of Help-to-Buy (HTB) government scheme is fast approaching. 
When you are applying for the HTB equity loan, after you have assessed affordability and found a mortgage suitable, there is a specific process involved before actually applying for the mortgage. 
 
(The equity loan is where the government lend you up to 20% of the deposit and you put in your 5% for the purchase of a new build home, this is however a loan and although no interest is charged until year 6, it will still need to be paid back at some point). 
 
This process is known as 'Authority To Proceed' and is where the HTB agent provides you with the formal notice that tells the mortgage lender you meet their requirements. This, at the moment takes around a week to get and you cannot apply for the mortgage until you have that authorisation. 
 
As the deadline is fast approaching, I can see the number of applications increasing in a last minute rush and making the authorisation process a bit longer so, if you or anyone you know are looking to make use of this scheme, you will need to get everything together as soon as you can. 
 
The deadline is set for the 15th of December. 
 
More info can be found here: 
https://www.helptobuy.gov.uk/equity-loan/equity-loans/ 
 
A new scheme will start in April 2021 but will only be available for first time buyers. 
 
If this is of interest to you and you’d like a no obligation informal conversation with a qualified advisor, please get in touch with me on 07500 871209 or email austyn@hdconsultants.net 
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