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Help To Buy, Part Exchange & Assisted Move Explained

A new dream home without the usual nightmares

The government and developers are keen to help you move to a new home, with offers and incentives designed to help you save money, time, inconvenience and stress. Here they are...

Help to Buy – make your move with a 5% deposit

Help to Buy is a government-backed scheme which could help you get on or up the property ladder with just a 5% deposit. It's the perfect solution if you struggle to save.

Here's how 'Help to Buy' Works

1

The Equity Loan Scheme results in more affordable home ownership.

2

With Equity Loan Scheme you only need a 5% deposit and it's open to both first-time buyers and home movers alike.

3

With the Equity Loan Scheme the government provides you with a loan of up to 20% through the Homes
and Communities Agency (HCA). This is interest free for the first five years. When added to your 5% deposit
(giving you a deposit of 25% in total) it means you could access more attractive mortgage rates for cheaper monthly
repayments. You can repay the equity loan at any time without penalty.

4

Equity Loan Scheme can be used to purchase homes worth up to £600,000 but it can't be used to purchase a buy-to-let property.

Please note: the terms of the Help to Buy initiative vary between England, Wales and Scotland.
Even London has its own version. So please research the scheme in the area most relevant to where you live and/or wish to buy.

Get moving...

Start now by finding out how much you could borrow – simply register with us and use our mortgage calculator

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Part Exchange – no chain, no hassle, no estate agent's fees

With part exchange, when you buy a new home the developer buys yours - they become your guaranteed cash buyer. It means you can reserve your home quickly, move in as soon as it's ready and save the time, stress and estate agent's fees usually associated with moving.

Here's how 'Part Exchange' works

1

Once you've seen your ideal new home, talk to the sales advisers on the development concerned and ask
if they offer part exchange.

2

If they do, you can reserve your new home while they arrange for independent valuations (usually two)
of your current property.

3

Based on those valuations, the developer will agree a price with you to buy your current property.
Usually the offer they make is based upon selling your home within eight to 10 weeks.

4

Once you accept the developer's offer, you can start the process of buying your
new home with your existing property being taken in part exchange.

Please note: this scheme will be subject to the terms and conditions of the developer of your chosen new home, so please do check these carefully.

Assisted Move – so you can buy a new home when you've one to sell

Seen and set your heart on a new home but are worried about being able to sell your old one? Don't worry – some developers offer a scheme called Assisted Move to help you. This initiative provides you with practical help and guidance to enable you to sell your existing home so you can more quickly reserve and buy a new one.

Here's how assisted move works

1

Once you've seen your ideal new home, talk to the sales advisers on the development concerned and ask if
they offer an Assisted Move scheme.

2

If they do, they will usually arrange for independent valuations of your existing property
(normally two) based on getting a buyer for it in a specific but realistic period.

3

If you agree with their valuation of your current home, you can usually then reserve the new one
you want with the relevant fee.

4

Your new home's developer will instruct estate agents to sell your home to get the
best possible price for it, deal with them on a day-to-day basis and pay all their fees.

5

Some developers will also appoint their preferred solicitors and mortgage brokers
(with your agreement) to ensure the whole process is fast and smooth.

Please note: this scheme will be subject to the terms and conditions of the developer of your chosen new home, so please do check these carefully.

10

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