The help to buy scheme is about to roll out to all first time buyers but we have concerns that the main providers may not be able to cope with the surge in demand?
Currently ONLY buyers of new homes can get 20% towards their new home (if it is under 600K). As from Jan 2014 the same scheme will apply to ALL homes.
What’s the catch? The government acting through an agencies eg Homeshub, Time 2 Buy, Orbit need to approve the loan (alongside your primary lender eg Halifax, Santander etc) and more importantly pay over the funds.
Our concerns arise from recent experiences where the vendors are forced to complete with only 80% of funds being available. In other words the seller takes a view on the government funds arriving AFTER completion. Because we believe current providers can’t cope with the current demand of applications. The vendors currently are large house builders eg Barrett, Wimpey etc. so they can afford to take a view. We don’t think private vendors will accept this position. Would you? Let us know what you think?
DG Law has already had considerable experience of dealing acting for the first time purchasers who benefit from the help to buy scheme and other shared ownership schemes. So if you want to discuss this with us please get in touch.
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