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For certain homebuyers, acquiring the necessary minimum deposit can pose a challenge when venturing into property ownership. In support of these buyers, the various schemes designed to assist buyers in progressing up the property ladder. Each scheme is distinct, with specific requirements that must be met before accessing them.
These schemes cater to various needs and circumstances, providing continued assistance to individuals looking to buy a home in the area, our team will be more than happy to provide you with any mortgage advice in Beverley should you need it.
While the majority of home buying schemes are designed for first time buyers, several are accessible to both first time buyers and those looking to move homes.
The Shared Ownership Scheme is a prime example of an initiative aimed at making homeownership more affordable. Through this scheme, you can secure a mortgage for a percentage of the property, thereby reducing the minimum deposit requirement.
Newer initiatives, like the Lifetime ISA, streamline the process of saving for your mortgage. With this program, the government adds a 25% top-up to your savings every year, providing a significant boost as you work towards accumulating your deposit.
Some schemes may require you to speak with a mortgage advisors in Beverley who can provide valuable assistance in navigating these options.
Help to Buy was introduced in the 2010’s, off the back of the UK government’ previous FirstBuy Scheme. With a series of pre-existing and new schemes placed under that banner, it was designed to help first time buyers get onto the property ladder.
Over the years we have seen schemes under this banner disappear, whilst others have carried on without that branding. The most popular and well-known of these was the Help to Buy Equity Loan Scheme, which was closed to new applicants towards the end of 2022.
What this means is that first time buyers are no longer able to use a Help to Buy in Beverley or anywhere in the UK, though this doesn’t necessarily mean that support for home buyers has ended. There are still a variety of schemes that can help to buy in Beverley!
The deposit requirement for a mortgage can vary based on the specific scheme. Let’s say you needed a 5% deposit, if the price of the property is £200,000, you would need a £10,000 deposit.
The criteria for a mortgage depends on the specific initiative. Generally, common eligibility factors include being a first time buyer, purchasing a new-build property, meeting certain income requirements, and not owning any other property at the time of purchase. Each scheme has its unique criteria, so it’s advisable to review the specific details of the scheme you’re interested in.
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Hannah
I can't thank everyone enough for their help. They went above and beyond to make sure everything went smoothly - it would have been far more stressful had I not had their support. I'd recommend the company to anyone.
3 months ago
Anonymous
Yery good and professional.
4 months ago
Samuel
Helpful, responsive and friendly.
7 months ago
Sophie
Highly recommend! Chris talked me through everything and made sure I understood it all, great communication and a pleasure to deal with!
8 months ago
Kerry
Absolutely fantastic from start to finish, would highly recommend 😀 5*
11 months ago
Anonymous
My advisor Leo provided the personal tour ch through the whole process and his communication was very good, even texting me at weekends with any updates on my mortgage progress.
1 year ago
Anete
During mortgage application process my mortgage advisor and case handler was communicating with me very often which for me as a first time buyer was very important. Always open for questions and super flexible with first initial mortgage...
1 year ago
Anonymous
From start to finish perfect, friendly, professional and everything made clear and easy, Matt and Lizzi have been absolutely superb and ALMOST got use to my 'colourful language' Many thanks for all your help. Cheers 🍻
1 year ago
David
We use Beverleymoneyman - Mortgage Brokers for all our mortgage and insurance needs. They never fail to deliver and apply professionalism combined with insightful advice to obtain the best possible deal. Thanks to Leo and Jo for their help and...
1 year ago
Neil
This is the second time we have used Beverleymoneyman and we are not disappointed. Daniel talked us through the options we had and was really good at answering our questions. Jo ensured our application progressed and kept us informed at each...
1 year ago
Barbara
These people saved my life during the most stressful house purchase ever. All sorts of things happened and when most of the professionals involved were impossible to get hold of, everyone at UK Moneyman was just amazing, kind, thoughtful and...
1 year ago
Nicole
Could not recommend Matt and Megan enough! Being a first time buyer, I did not know what the buying process would entail. Thankfully, Matt and Megan explained everything as we went along. Matt went above and beyond to answer my calls when we...
2 years ago
Liam
Really good service and friendly too
2 years ago
Angela
Very pleased with the the service. Dan was very helpful and explained everything as the process went along in a clear way. All options were looked to see which would be the best option for myself. This made doing the product transfer hassle free.
2 years ago
Darren
Anna was brilliant from first contact to the end of the process was just a few days and I didn’t have any stress at all Will definitely recommend
2 years ago
Chris
Brilliant service from start to finish, we had no idea on the process and every little question has been answered along the way no matter how trivial. We can’t thank Malcolm, Joe and Lyndsey enough for their help throughout this process and for...
2 years ago
Oliver
Wayne and Meghan were great and everything was sorted without issue or effort. Great advice and got the product I needed. Great service.
2 years ago
James
I first used UK Moneyman when buying my house in 2017. I returned in 2021 for my remortgage. In both instances I found Malcolm and his team to offer excellent service, making the process clear and simple. He talked me through every step, and...
2 years ago
Gemma
Very helpful and professional
2 years ago
Laura
Very helpful. Reply to emails quickly and clearly. Would definitely recommend
2 years ago
Book your free mortgage appointment and engage in a discussion about your mortgage options with one of our dedicated mortgage advisors in Beverley. We'll guide you through the available schemes, assisting in identifying the most suitable one for your unique circumstances.
While you prepare your mortgage application, your advisor in Beverley will diligently search through a vast array of mortgage products on your behalf.
The next step involves preparing your mortgage application for submission to the lender. Throughout this process, we'll keep you updated on the progress, ensuring transparency and clarity in every step.
Our services go beyond merely securing the right mortgage for you. We also provide guidance on insurance options, aiming to safeguard both you and your loved ones.
We provide a complimentary free mortgage appointment for all customers, offering a thorough review of your options and addressing any questions you may have about the schemes. Our assessment also includes an evaluation of your overall mortgage affordability, considering factors such as credit and current income to determine your borrowing capacity.
In our capacity as a mortgage broker in Beverley, we cater to individuals seeking diverse mortgage solutions, including those aligned with any mortgage schemes. From your initial contact with us, we guide you through the entire process, providing comprehensive support at every step.
Operating seven days a week, flexibility in our service. You can schedule your free mortgage appointment for the morning, afternoon, or evening—choose a time that suits you best! Our availability extends to weekends and bank holidays, ensuring you can reach us whenever you need assistance.
Shared Ownership is a homeownership scheme that allows individuals to purchase a share (typically between 25% and 75%) of a property and pay rent on the remaining share. It is designed to make homeownership more accessible, particularly for first time buyers in Beverley, by reducing the initial financial burden.
A Lifetime ISA is a savings account that offers a government bonus to individuals aged 18 to 39 who save money to buy their first home or for retirement. Account holders can contribute up to a certain limit each tax year, and the government adds a 25% bonus on the saved amount. The funds can be used either for a first time home purchase or withdrawn penalty-free for retirement after the age of 60.
The Mortgage Guarantee Scheme is a government initiative aimed at supporting individuals with smaller deposits to purchase homes. Under this scheme, the government provides a guarantee to lenders, encouraging them to offer mortgages with a higher loan-to-value ratio. This makes it easier for buyers with a deposit of 5% to access mortgage rates.
Forces Help to Buy is a scheme designed to assist armed forces personnel in purchasing their first home or moving to a new location due to a change in their assignment. It provides an interest-free loan of up to 50% of an individual’s salary (capped at a certain amount) to be used towards a property purchase or certain other housing-related expenses.
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Beverleymoneyman.com & Beverleymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Beverleymoneyman.com & Beverleymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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