Buy To Let
Help to Buy boss promises to halt misleading house price ads
The Homes and Communities Agency was responding to the news that developers were subtracting a Help to Buy equity loan and advertising new build houses at four fifths of their actual price.
HCA deputy chief executive Richard Hill told Radio Five the organisation would take action against misleading advertising: “Having had these examples brought to our attention we will be reminding our partners of these contractual obligations.
“We also require that house builders use our standard legal documentation so that at all stages of the transaction process the full sale price of a given property will be abundantly clear; as will the terms and conditions of the equity loan, the mortgage responsibilities of buyers and the commitment they are making.”
John Charcol senior technical manager Ray Boulger described the advertising as grossly misleading: “There is a requirement in government guidance that advertising should not be misleading for the customer.”
In one example found by Your Money‘s sister title Mortgage Solutions, Bloor Homes advertised a new build home in Silsoe as shared equity at a headline price of £440,000. However, according to the small print the full price was £550,000 and the deduction was based on the Help to Buy 20% equity loan.
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