Head of Content
Mortgage Advisor & Director
Who are Bovis Homes?
Bovis Homes are a UK based developer who design and build new homes. They offer various purchase assistance schemes on their developments, which can be classified as "new build".
What is a help to buy equity loan?
The Help to Buy scheme is a government backed scheme to help first time buyers get a foot on the housing ladder.
Buyers will require only a 5% deposit, and the government will provide an additional 20% of the value of the property in the form of a loan. This means that when applying for a mortgage, you will be applying for a 75% loan-to-value mortgage, which makes you a more attractive prospect to lenders.
These schemes are typically only available on new build properties from specific developers. Bovis Homes are one of the developers participating in the scheme.
What is a Home Exchange?
Home exchange is a method of purchasing a Bovis home, where Bovis buys your old home, providing you with the means to proceed with completing on your new home without any delays in the chain. This means you can avoid costs such as estate agents’ fees, as well as reducing time and hassle in marketing and selling your home.
Your home serves as a “part exchange” in buying your new home. To be eligible for the scheme, your old home must be valued at 75% or less of the value of your new home. They will value your home, and make you an offer to consider. It's up to you whether to accept this offer, or sell your home another way.
What is the Home Reach scheme?
Home Reach is a scheme offered by Bovis, giving buyers a part-buy, part-rent option. Buyers can purchase up to 75% of the value of the home, taking out a lease on the remaining proportion. The lease is offered for 125 years, with rent paid on the proportion of the home that they do not own.
Buying only a proportion of the property reduces the affordability requirements when applying for a mortgage, and may make your application more likely to be successful.
How does Bovis Homes help the Armed Forces?
Bovis Homes allows the armed forces to combine the Armed Forces Help to Buy scheme with the government Help to Buy scheme into one package. In certain circumstances, they will offer further discounts on the price of the property. This can create a complex package with various layers of discount and support.
How does Bovis Homes help key workers?
Key workers are eligible for standard help to buy schemes from the government.
When buying from Bovis Homes, this can be combined with a special discount scheme, of £500 off for every £25,000 that the property is worth, equating to a 2% discount. This allows key workers to purchase a home below market value.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
