Further to our email last week on the forthcoming scheme, to operate Help to Buy Wales companies will be required to hold a current Consumer Credit Act (CCA) licence from the OFT. I understand it is known as a Category C - Credit Brokerage licence. Companies which have a licence to operate HtB Equity Loan in England can use that licence, but companies offering the Welsh scheme who are not already operating the scheme in England will need to apply for a licence.
We have been told it takes about three weeks for the OFT to process an application, although we have also been told it can take longer. Because the scheme will go live very early in the New Year, we thought you may wish to have a look at the application requirements as soon as possible, and indeed some house builders may wish to get their application in early. The need for a licence will be covered at Monday’s briefing event in Cardiff.
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