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Schemes That Help to Buy in Beverley

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Schemes That Help to Buy in Beverley

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How Mortgage Schemes in Beverley Can Help to Buy a Home

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.

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Schemes That Help to Buy in Beverley

Useful Mortgage Schemes That Help to Buy in Beverley

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.

 

What is a Help to Buy in Beverley?

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!

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Help to Buy FAQs in Beverley

How much deposit do I need for mortgage in Beverley?

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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.

What is the criteria for a mortgage scheme in Beverley?

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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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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

While you prepare your mortgage application, your advisor in Beverley will diligently search through a vast array of mortgage products on your behalf.

Submit Your Help to Buy Application

Step 3

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.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose Us

Free Mortgage Appointment

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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.

Our Service

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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.

7 Days a Week

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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.

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Popular Help to Buy Schemes in Beverley

Shared Ownership

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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.

Lifetime ISA

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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.

Mortgage Guarantee

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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 (FHTB)

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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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