Discounted homes are available as part of the discounted sale scheme, in conjunction with Cornwall Council. They cannot be purchased directly from Help to Buy South however anyone wishing to purchase a discounted home must be approved by Help to Buy South before they can proceed. Discounted homes are only available to those living in the home and not available to anyone wishing to purchase on a buy-to-let basis, nor as a second residential/holiday home. A discounted home cannot be purchased in conjunction with the
Government’s Help to Buy Scheme.
Your household income must be under £80,000 and you must be able to raise at least £2,500 to cover fees and understand that mortgage lenders may require a deposit. You will not be able to purchase a discounted home if you are already named on legal deeds of any other property, including holiday homes and static caravans, or any home that you may own but not live in.
A Section 106 agreement may apply to the discounted homes. Help to Buy South will process and assess applications based on your local connection to the Parish of Lostwithiel in the first instance for homes at Brunel Two and must meet the following criteria:
- you have lived or worked on a full-time basis within the parish for at least 3 years within the previous 10 years, or
- you must be a resident there for at least 10 of your first 16 years, or
- at the time of birth, the family was a resident within the parish.
Other criteria to consider:
- you cannot otherwise afford to purchase an open market home suitable to meet your needs in your area
- you are a first-time buyer (you are a first-time buyer if you haven’t owned a home before) or
- you used to own a home, but cannot afford to buy one now
- in some cases, existing home owners will be considered, if they are in housing need
Help to Buy South may consider other applications with local connections to Cornwall after the homes have been marketed once a considerable time has lapsed.
The discounted homes are sold at 60% of the market value at the time of sale and will always remain a discounted home on this basis. At the point of resale an owner will, only in perpetuity, own 60% of the market value at any time regardless of the sale price. If the value of your home has risen, you will benefit by the same percentage. Stair-casing to own a 100% share is not an option with a discounted home.
How to Apply
Anyone interested in purchasing a discounted home may register and complete the online application form directly with Help to Buy South, to be fully assessed and approved for their eligibility.
We will happily put you in touch with an appointed Help to Buy Representative to ensure you meet the relevant criteria and assist with your move. We also recommend seeking advice from an Independent Financial Advisor, to assess your affordability prior to submitting your application.
Help to Buy South will only process applications on an individual basis to assess eligibility.
Help to Buy Infographic
As this is a Government Scheme, we advise that you refer to the Government’s Help to Buy website, www.helptobuy.gov.uk or full details regarding the scheme and where you can find your local Help to Buy Agent.
How it Works
1) Select a new discounted home from the Brunel Two availability list and complete a reservation form and pay the reservation fee.
2) To complete your application, visit the local Help to Buy South Agent’s portal www.helptobuyagent3.org.uk and select login to register your details and submit your application. They will also require a copy of your Reservation Form.
3) Once approved, you will be given an ‘Authority to Proceed’ and the purchase of your new Brunel Two home may proceed to completion.
4) We can help you choose a Solicitor and an Independent Financial Advisor to ensure the purchase of your new home runs smoothly.
5) You may then apply for the required mortgage amount.
6) Sit back and relax whilst we get your new Brunel Two home ready, giving you regular updates along the way.
7) Move into your new home, on-time with minimal stress.
Register your interest to receive updates and information for the next phase of discounted homes coming soon within Building Four.
Help to Buy South
Radian Group, Collins House, Bishopstoke Road,
Eastleigh, Hampshire, SO50 6AD
Tel: 0800 456 1188