Help-to-buy and self build

[Jeremy]

I'm wondering if anyone on the forums has funded a self build through the government help-to-buy scheme? This (self build we are planning towards) will technically be our first home after having rented for the past 10 years, so want to make sure we take advantage of the option if it is there and feasible, but reports I'm able to find are conflicting as to whether a self build qualifies as a new home and self build lenders will finance through this scheme

[RandAbuild]

The best way of finding out is to email the Homebuy Agent for your area:

 

https://www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent/

 

The scheme is aimed at qualifying new build homes, but in principle I can't see why a self build would not qualify. I expect you would have to find a lender to fund the land purchase and build, and then switch over to the Government equity loan when it's complete.

 

Be prepared for a lot of complex procedures though!

 

Let the Forum know how you get on.

[Temp]

I know building companies that want to offer HTB properties have to register. I recall the government threatened to de-register some companies over the build quality and unfair leasehold terms scandals.

 

 

 

[Temp]

Sorry but I found this..

 

https://nacsba.org.uk/campaigns/help-to-build/

 

NaCSBA is working to create a Help to Build Equity Loan Scheme to address the imbalance by the Help to Buy scheme, which Custom and Self Builders are unable to access. Continues...

[Thedreamer]

On 17/05/2020 at 11:26, Jeremy said:

I'm wondering if anyone on the forums has funded a self build through the government help-to-buy scheme? This (self build we are planning towards) will technically be our first home after having rented for the past 10 years, so want to make sure we take advantage of the option if it is there and feasible, but reports I'm able to find are conflicting as to whether a self build qualifies as a new home and self build lenders will finance through this scheme

 

I looked into this a while back.

 

Our stumbling block was that despite never owning a residential property we already had the freehold to the plot and were therefore property owners. 

[Jeremy]

So I got conclusive word back from local help to buy office yesterday. They do NOT cover self-build. At all. 

[Ferdinand]

21 minutes ago, Jeremy said:

So I got conclusive word back from local help to buy office yesterday. They do NOT cover self-build. At all. 

 

You could buy a new one with Help-to-Buy and bungalow-gobble it. ???

 

*innocent face*

[Jeremy]

Heh. Love that.