Help to Buy Mortgage
For first time home buyers in the UK, getting on the property ladder sooner rather than later can seem like a bit of a struggle.
After all, it can depend upon people selling homes and buying homes up and down what is called a ‘chain’ – but before you get into all of the logistics, there is the simple matter of securing enough funding to be able to buy the home you want.
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A help to buy mortgage is a great way for you to find your way into the right deal for the right property. These schemes are government-supported and, as such, are widely available for anyone aiming to find their first home without any of the financial stress and strain.
This is not to be confused with buy to let mortgages - you can find out more about these here: https://www.telephonemortgageadvisor.co.uk/buy-to-let/.
Under help-to-buy schemes you may be able to only ever pay for 80% on a mortgage – great news for anyone worried about how much they may be expected to clear long-term.
As local advisors and nearby experts for many new buyers in our region and surrounding areas, we are here to offer you advice that counts.
Discount for Sale Scheme
Help-to-buy mortgage schemes may vary from lender to lender, and one of the best ways to take advantage of getting on the property chain in the short term is to look for a discount for sale scheme.
These discounted sales may generally be offered up by local councils and associations where new builds are provided to potential buyers at massively slashed rates – a great way to start finding your first home, and one which has had no prior owners, either.
You could save up to 50% on potential costs by opting for a sale – and while you can appeal to your local council and/or housing associations to find out more about these opportunities, you can also contact our team for nearby support on all things discounts.
Help-to-Buy Mortgage Calculator
If you’re interested in taking advantage of help-to-buy mortgage opportunities, it’s high time you started considering the costs which may be involved, even if you are expecting to pay less on the whole.
Our help-to-buy mortgage calculator will help you to work out how much money and credit you will need to take advantage of such schemes – contact us to learn more, or use our online calculator to punch in a few figures and to find out what you may be expected to pay up front and in the long run.
If you’re saving up for that all-important deposit, it is a good idea to use this calculator so you know which deals and rates may apply to your current saving situation. It always pays to be prepared!
Who can Apply for this?
- You can't apply if you are buying a second home/property to rent out
- Those who only want to take out a repayment mortgage
- You can't buy a property over the set price limit
Help to Buy ISA
Looking for a help-to-buy scheme near me? You may be interested in taking on a help-to-buy ISA. ISAs are types of banking and building society accounts which can be opened with view to borrowing for a mortgage in mind.
These types of account are tax-free, and while they may come with variable rates of interest depending upon who you choose to bank with, the government will always be able to offer up 25% of the cost of your mortgages to help you find that perfect deal.
Finding the right ISA for you can take time – which is why we are here to help break down the red tape and to take away much of the stress for you.
We are here to support first time buyers and those who may otherwise struggle to survive on the property ladder – come and talk to us and let us take a closer look at your case.
Help to Buy Advice
While we have many points of help to buy advice which we offer first time buyers (https://www.telephonemortgageadvisor.co.uk/first-time-buyer/) on a regular basis, we always recommend that you make sure you save up as much as you can for that all-important deposit.
It is very rare that you will find a lender who will offer you 100% of any given mortgage – which means you are going to need to offer a certain amount of cash up front in order to secure your deal. It makes perfect sense from both sides!
"We received great advice from your company when trying to set up a Help to Buy ISA. Thank you!"
Advice comes in many shapes and forms, however, and we understand that no two mortgages are quite the same – which is why we always take the time to closely listen to each and every one of the cases put forward to us.
Shared Ownership Scheme
Another way to get onto the property ladder is to consider what is called a shared ownership scheme. The government supports schemes whereby you can buy a share of your property and pay rent on the remainder.
You can generally expect to buy between 25% and 75% of the total cost, though it’s worth bearing in mind that you will need to have a household income of less than £80,000 a year to qualify – or £90,000 or less a year in London.
Call our team and let us consider the options with you.
Taking out an equity mortgage, too, may be a viable option if you are buying a home for the first time. These schemes allow you to take out equity loans to pay for a portion of the mortgage you wish to buy.
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It is important to know the difference between equity and remortgaging (https://www.telephonemortgageadvisor.co.uk/remortgaging/) Our team can discuss this in detail if required.
This means you still retain complete ownership of your home – but that you will effectively expect to be paying half as much on the remaining segment of your mortgage.
Once again, it is part of many help-to-buy options we will be very happy to discuss with you in more detail.
Contact Us Now
Aiming to buy your first property but are unsure how you are going to be able to afford the rates expected of you? Take a look at the options for help to buy mortgage with our team – contact us now and let us tailor the perfect deal in May 2019 to your financial profile and needs. Simple!