Orbit Help to Buy Agents prepare for Operation Santa
Published by Clare Baskott for Orbit HomeBuy Agents in Housing
Orbit Help to Buy Agents is all set for Operation Santa, with early indications showing they’ll be administering a record number of completions this yuletide, with homebuyers keen to secure the wreath to the door of their new home before Santa’s visit.
Since the government’s Help to Buy equity loan scheme was launched in April, the Agency has seen a surge in applications from aspiring first time buyers and current home owners keen to get on, or move up the property ladder.
Margaret Snook, Head of Orbit Help to Buy Agents said: “Since its launch the equity loan scheme’s proved to be extremely popular. We’ve seen a huge increase in applications for Help to Buy, compared with the same time last year for the FirstBuy scheme.
The Help to Buy equity loan helps buyers purchase a brand new home with an equity loan of up to 20% of the full price of the property. Buyers don’t have to pay any fees on this loan for the first five years and own 100% of the property from the start.
Buyers need to be able to fund at least 80% of the property price through a conventional mortgage with a lender for the Help to Buy equity loan and show that the loan is sustainable for the future. Lenders usually require buyers to have a deposit of at least 5%, so a mortgage will typically be for 75% of the purchase price.
Margaret continues: “Early indications show we’ll be dealing with an unprecedented number of completions in the run up to Christmas. We’ve taken extra measures to ensure that we’re all prepared to meet the demand by streamlining our processes, increasing we’ve increased our workforce and already staff are working additional hours to ensure we’re on target.
Margaret puts the success of the scheme down to the fact that it’s opened the door to home ownership to more people.
“The Help to Buy equity loan scheme has been very popular, not least because it’s available to everyone, not just first time buyers, so it’s appealing to current home owners who need the help of the equity loan to be able to move up into their next home.
Margaret adds: “We hear time and time again from our applicants about what a difference the scheme has made to their lives and we’re looking forward to assisting many more homebuyers to settle into their new home ready for Christmas.”
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