There are many questions about what coronavirus means for Help to Buy: Equity Loan customers and some of these are answered below:
Section 1 – Moving home now
I’m using a Help to Buy: Equity Loan to buy a home, can I still go ahead during this stage of the coronavirus lockdown?
Yes. Help to Buy homes are newly built and unoccupied, so it’s possible to continue buying a home. You and your solicitor, mortgage advisor, house builder and anyone else involved in the buying process must check the latest government advice on home moving issued on 13 May 2020.
Section 2 – Authority to Proceed
Will my Help to Buy: Equity Loan Authority to Proceed still be valid?
Some mortgage lenders have committed to keeping existing mortgage offers open for three months. If your main mortgage lender has agreed to this, your Authority to Proceed will be extended up to the expiry date of your existing mortgage offer in line with current guidelines.
My Authority to Proceed is based on a valuation carried out before the lockdown started. What happens if the value of the house I’m buying has fallen?
The Government will continue to honour Help to Buy: Equity Loans agreed with home buyers before the lockdown. We won’t need a revaluation if your main mortgage lender is happy to proceed.
You can read more HERE.
