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
  • AffordableHomeAdvice
    Re: The Right to Acquire Scheme
    Suzie1time - Your Question:Hi,Your info says that you don't qualify for the scheme if you've been bankrupt. However, I've been…
    18 May 2017
  • Suzie1time
    Re: The Right to Acquire Scheme
    Hi, Your info says that you don't qualify for the scheme if you've been bankrupt. However, I've been advised that as long as it's…
    17 May 2017
  • AffordableHomeAdvice
    Re: The Right to Acquire Scheme
    Jamie - Your Question:Hi,Can you please help me answer this quick question - if my brother (who is a tenant) wants to buy with me,…
    9 May 2017
  • Jamie
    Re: The Right to Acquire Scheme
    Hi, Can you please help me answer this quick question - if my brother (who is a tenant) wants to buy with me, will he be able to…
    8 May 2017
  • Hampshire piggy
    Re: What Are My Responsibilities Under Shared Ownership
    I wanted to install a new bathroom in a property I own 50% in - the housing society want to charge…
    2 May 2017
  • ANOOP S
    Re: Mortgage Guarantors
    Hi Me and my wife we are having an income of 37000/annum In our situation right now our employer is happy to help us to get us on mortgage…
    2 May 2017
  • Ninac
    Re: Are Housebuilders Offering Better First-time Buyer Deals?
    I am a single parent living with my son who is 11. I am a full time teacher working within…
    30 April 2017
  • Milo
    Re: Adverse Credit: Can I Get a Mortgage?
    Hi We moved into a new-build property two years ago, we were told at the time of moving in, that after 5 years we…
    21 April 2017
  • Teacher
    Re: Are You Classed as a Key Worker?
    I am a teacher in the Hillingdon area looking to move near Fairlop. I want to save with the intention to buy. Do I qualify…
    19 April 2017
  • Spud777
    Re: Low Income Housing
    Hi myself and my fiance are expecting a baby in July I'm currently 25weeks pregnant. We are living in a static caravan which we've been kindly…
    15 April 2017
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the AffordableHomeAdvice website. Please read our Disclaimer.