Get help – Are you affected by a drop-in income because of the Coronovirus (COVID-19)?
Depending on your situation, you could benefit from a payment holiday. You can apply to put your Help to Buy: Equity Loan interest fees on hold for up to three months.
Apply using this form and we can assess your situation and provide support if you are struggling to pay the interest fees on your equity loan.
Payment Holiday FAQs
On 2 June 2020 the Financial Conduct Authority confirmed these arrangements are being extended until 31 October 2020.
They mean customers can apply to continue an existing full or part payment holiday for a further three months, or if they have not yet had a break, they can apply for one up until 31 October 2020.
They mean you won’t have to make any monthly mortgage payments for a set amount of time, but before cancelling any direct debits, please contact your main lender to ask for a payment holiday on your monthly mortgage payments.
If you're struggling to pay the interest fees on your Help to Buy: Equity Loan, you can also apply to put these payments on hold for up to three months if you:
• have contracted coronavirus;
• need to care for a family member who has coronavirus;
• are a permanent, temporary, full-time employee or contractor and had your working hours reduced either temporarily or permanently;
• are a business owner or self-employed and your business has been affected.
The important thing to remember is that the amount you owe will increase by the interest amount that has not been paid during your payment holiday. Also, during your payment holiday, interest will continue to be added to your account at the same rate as is in your loan agreement. A repayment plan will need to be set up to settle the outstanding amount at the end of your payment break.
• The surveyor must be approved by the Royal Institution of Chartered Surveyors (RICS). This can be found on the RICS database
• The surveyor must be independent of the estate agent looking after the sale of the property (if applicable).
• The surveyor must not be related or known to you, to avoid any conflict of interest.
• The survey must be provided on headed paper of the surveying company or approved surveyor (if they’re a sole trader), signed by the RICS surveyor, and addressed to Homes England. It needs to be in PDF or another non-editable document format.
• The surveyor must list at least three comparable properties and sale prices. These properties must be like-for-like in terms of type, size, age and within a two-mile radius of the property being valued, as per RICS guidance