1. Register with Help to Buy: You will need to register with the Help to Buy agent. We will use your Help to Buy application form when you apply for a home with us.
2. Obtain a Mortgage Agreement in Principle: You’ll need to speak with lenders or a mortgage advisor to obtain a Mortgage Agreement in Principle (AIP). An AIP will let you know how much money you can borrow, and give you an idea of how much you can afford to spend on your new home. You can choose to use your own mortgage advisor to obtain a AIP, go direct to the lender, or our financial advisors (whose details are in step 3) can help you to obtain a AIP as part of the financial assessment.
3. Contact TMP (The Mortgage People) to undertake our financial assessment: Next you’ll need to complete our financial assessment with our financial advisor TMP, this ensures you are able to sustain the costs of home ownership. The financial assessment will include completion of a Budget Planner and The Homes England Affordability Calculator. (If you have used your own mortgage advisor to obtain an AIP, they will need to see a copy of this before they can undertake this assessment for you).
4. Apply for a property: Our financial advisor will provide us with a copy of your completed Budget Planner, Homes England Affordability Calculator, & AIP. When we have checked your eligibility, we will make contact with you to discuss reserving the plot of your choice. Applications are considered on a first come, first served basis and applications from military personel will be given a priority.
5. Reserve your plot: We can arrange for you to view your property or go through plans with you if your property has yet to be completed. If you're happy with your property you can place a reservation by paying a fee of £250. Your reservation will hold the property within the timescales that we have agreed in order for you to obtain your mortgage and exchange contracts.
6. Provide additional documents: You can continue to use one of our dedicated financial advisors who undertook the financial assessment on your behalf to obtain a formal mortgage offer; or you may choose to use your own financial advisor or apply direct to the lender. At this stage, you will be required to provide a range of documents such as ID, bank statements and wage slips.
7. Instruct your solicitor: We can provide you with a list of solicitors who are experienced in dealing with shared ownership, or you can choose your own. We will then send a memorandum of sale to your solicitor which covers all the details of your purchase.
8. Mortgage offer issued: After you have reserved your property, and provided the additional documents required to obtain a mortgage, your lender/financial advisor will email us over a copy of your formal mortgage offer for our approval.
9. Exchange contract: Once your solicitor has read through the contract and lease for your purchase and are happy with the documentation, we will then be able to exchange contracts. You will sign a contract to buy a home and we will sign another to sell it. Your solicitor will ask for funds. On exchanging contracts, a date for completion will be agreed. If your house is still being built we will keep you updated with the progress.
10. Move in: When the completion date has arrived we will hand over the keys, check the meter readings, and give you the utility provider’s details so that you can register your occupancy. We will give you with a welcome pack, warranty information (if applicable) and product manuals for your home.