How do I know if I am eligible? And what Help to Buy options are available?
What is a Help to Buy agent?
Until recently, if a first time buyer wished to find out about affordable home ownership options in their area, they would have to contact various housing associations. Help to Buy agents were introduced to act as a one stop shop for customers. All you need to do is complete one application form, and you should receive details from all housing associations that operate in your area. You can visit HelptoBuy.org.uk to find out who your Help to Buy agent is.
Do I require a deposit to buy a home?
If you wish to purchase a home with Moat, you will require a deposit for your mortgage. This is in addition to the savings required for other home buying costs such as legal fees and mortgage arrangement fees.
Can I reserve one of your homes if I have a property to sell?
If you have a property to sell, we are happy to accept your reservation provided that you have a complete and secure chain and are in a position to purchase a home within our required deadlines. We will ask you for details of your buyer, their solicitors and their estate agent. If you have an incomplete chain we would be happy to consider your application once you have a complete/secure chain in place but we will not ring-fence or reserve a property pending completion of the chain. Please note that as a home owner (except shared owners) you will need to have local authority support from the local authority you wish to move to.
Does Moat provide mortgages?
No, nor are Moat staff qualified to offer mortgage advice. Moat provide the houses, not the mortgage to purchase the houses. You will need to obtain a mortgage from a high street lender. You can find out more details about mortgages via our panel of independent mortgage advisors.
Can I buy further shares in my home at a later stage?
Yes. For shared owners, this is known as staircasing. You can buy as little as a 10% share per staircasing transaction; although many shared owners purchase larger percentages. You will purchase the share at the current market value. With each share purchase, your rent reduces according to the new percentage owned. When you reach 100% ownership, you no longer pay us rent, although you are still liable for service charges and ground rent (if applicable). If you have made improvements or alterations to your home, providing you have informed us about these in advance of the works, you will purchase your home at the current market value (excluding the increase in value that these improvements have created). If you would like to apply to staircase, we recommend you first check with your lender that you are able to get a larger mortgage to cover the share you wish to buy.