Help to buy agent assessment
Once you have completed the Property Information Form (PIF), this must be sent to the Help to Buy Agent for your local area along with a copy of the Reservation form.
They will then assess your suitability for the scheme.
How long does it take for them to make an assessment?
Typically, it will take four working days from receipt of the PIF and Reservation form, for the Help to Buy agent to decide on your application.
What happens next?
After four working days, the Help to Buy Agent will issue you, your solicitor and the house builder / developer with the Authority to Proceed (ATP), as well as the completed Personal Worked Example (PWE).
They will also send the Solicitors Information Pack to your solicitor.
What does the Help to Buy Agent look for when evaluating my application?
The Help to Buy Agent will assess your financial viability for the scheme, using all the information detailed in the Property Information Form (PIF).
Remember, the Government is providing you with a loan, so it’s up to the Help to Buy Agent to make sure it’s something you’re able to pay back, based on the information you’ve given.
What is the Authority to Proceed (ATP)?
This is a letter from the Help to Buy agent confirming that you’re eligible for Help to Buy and can proceed with the purchase of the property.
Within the letter will be a full financial breakdown of any of the terms of sale.
What is the Personal Worked Example (PWE)?
The PWE is an estimate of the fees you’ll need to pay on the equity loan, after the first five years.
Remember, the Government loan is only interest free for the first five years.
Is there a time limit on the Authority to Proceed?
Once you receive the Authority to Proceed, it is valid for a total of three months.
During this time, you’ll need to arrange a mortgage with your Independent Financial Adviser and exchange contracts.
This guide was produced in collaboration with L&C Mortgages, the UK’s largest fee free mortgage broker and adviser