Home > Ask Our Experts > How Do You Apply for the Government Schemes?

How Do You Apply for the Government Schemes?

By: Emma Eilbeck BA (hons) - Updated: 19 Aug 2016 | comments*Discuss
 
Homebuy Agent Property Mortgage

Q.

How do you apply for the schemes mentioned on this site, such as the government first time buyers initiative etc? I am a qualified mortgage advisor and have clients who would like to consider these schemes but I can't see any instructions on how to apply, what the application procedure is or where and how to send in applications.

(L.S, 19 March 2009)

A.

The first thing your client needs to do is go and visit their local HomeBuy agent. You will be able to find out who their local agent is by visiting homesandcommunities.co.uk.

Finding an Agent

The HomeBuy agent will be able to determine whether they are eligible for one of the government schemes. The HomeBuy agent will carry out an affordability check on them but will not advise them on a mortgage. A word of caution though, a lot of HomeBuy agents will have their own broker panels.

They may not advertise these but it could be that when your client goes to visit them they will try and get them to use one of their advisers, so make sure your client knows to come back to you.

The schemes can be quite complicated and new ones are launched every so often, so it is worth checking with the homeandcommunities website to see what is available.

It is probably advisable not to start processing any mortgage applications until it is determined whether your client is actually eligible for one of the schemes. You don’t want to carry out a lot of work and then find out your client is not eligible.

Where to Apply

Once they have discovered whether they are eligible you will then need to contact the lender. A lot of the mainstream lenders offer shared ownership and shared equity schemes such as HomeBuy and HomeBuy Direct. You should contact them directly to see what mortgage products they offer.

You do not generally need to contact the government or developer directly. Your local HomeBuy Agent should be able to direct you as to whether there are any schemes set aside in your local area. If not , your client will be able to tailor the scheme to any property they find and they can get a mortgage on that property.

Certain lenders are starting to become a lot more cautious about the schemes and in the past they would have offered to lend the client up to 50% of the property’s value, but a lot of them are now asking for deposits as well as the government share.But with more homeowners struggling to get on the property ladder, shared ownership and equity schemes are becoming a lot more popular.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Hi there I'm disabled and I have been living in my council home since 2002. I recive benifits as I can't work. Is there any way I could buy my council home and be more secure? Many thanks
Hopeful disabled - 19-Aug-16 @ 4:54 AM
Share Your Story, Join the Discussion or Seek Advice...
Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Latest Comments
  • Richado
    Re: The Right to Acquire Scheme
    I have be living in a housing association for 18years I am currently looking into the right to acquire for our property from L&Q .…
    17 January 2020
  • Merissa
    Re: The Right to Acquire Scheme
    Do we know if the Housing Act will change to allow tenants of Housing Association properties to buy their which were bought before…
    11 January 2020
  • Alfonso
    Re: The Right to Acquire Scheme
    I am currently looking into the right to acquire for our property from ISHA. up to now they have said our property could be…
    11 January 2020
  • Mona
    Re: The Right to Acquire Scheme
    My housing association always said that I don't qualify to buy this property but they hae sent me an email that I am eligible for…
    8 January 2020
  • Vir
    Re: The Right to Acquire Scheme
    Last year I had been offered Voluntary right to buy pilot scheme of the flat which i was renting and living since 2008 from a…
    6 January 2020
  • Mortgages By James
    Re: Buying Your Council House
    Hi There, My Name is James and I am a Mortgage Adviser who takes great pride in providing right to buy mortgages. If you have any…
    6 January 2020
  • Winnie
    Re: Are You Classed as a Key Worker?
    I'm an agency nurse. Will I be legible for key worker housing?
    30 December 2019
  • Winnie
    Re: Are You Classed as a Key Worker?
    In an agency nurse. Will I be legible for key worker housing?
    30 December 2019
  • ste
    Re: The Right to Acquire Scheme
    right to acquire exempt from right to acquire rural area yet the have sold house to next door less then 2yrs agar
    6 December 2019
  • Shaz
    Re: Are You Classed as a Key Worker?
    I am a key worker in milton keynes, where can i find key workers properties and how can i apply for them?
    3 December 2019