You are here: Home - Mortgages - Buy To Let - News -

Help to Buy boss promises to halt misleading house price ads

Written by:
The agency promoting Help to Buy has called on developers to make prices 'abundantly clear’ when marketing homes eligible for the scheme.

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.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week