Help to Buy Mortgage Advice in Beverley
Across All Schemes
The whole home buying process can be unpredictable and daunting, especially if you have never done it before. We’re there to support you through the whole process, talk you through what happens and when and always be at the other end of the phone when you need us. Often, when buying a home, things don’t always go to plan that’s why having a local mortgage expert on your side will prove invaluable.
How does the Help to Buy: Equity Loan Scheme work?
The Help to Buy Equity Loan Scheme is designed to help both First Time Buyers buy a new home, with a 5% deposit.
Example: for a home with a £200,000 price tag:
If the home in the example above sold for £200,000, you’d get £160,000 (80%, from your mortgage and the cash deposit) and you’d pay back £40,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
We search 1000s of mortgage deals across a large number of lenders, including:
Reasons to Choose us
Help to Buy Mortgage Advice in Beverley
We will always recommend the best option for your individual circumstances and make sure that you feel happy and secure through the whole Help to Buy process.
Help to Buy Equity Loan – Key Facts:
This makes it possible to buy a home with just a 5% deposit whilst Help to Buy Shared Ownership deposits are typically much lower than buying traditionally.
With a Help to Buy: Equity Loan, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
Help to Buy – Do You Qualify?
As part of our service, if you are wanting to go down the Help to Buy route, we will see if you qualify for the scheme. Help to Buy Equity loans are only available on new build homes up to the value of £600k. Remember, you have to be a First Time Buyer to qualify.
You must not own any other property at the time you buy your new home with a Help to Buy Equity Loan. Also, subletting and part-exchange is not allowed.
Reasons to choose us as your Mortgage Broker in Beverley?
Your Mortgage Broker in Beverley is here for you for help and support 7 days a week! Moving home isn’t always easy, we’ll help you over any hurdles you face throughout the whole process.
We’ll see if you qualify for the help to buy and also if you have more deposit available, we can compare this to a regular mortgage without the loan.
It’s our job to take the stress away, we’ll aim to make you feel relaxed and be open and honest.
Your free mortgage consultation in Beverley will last approximately one hour. We will then recommend a mortgage for you with no obligation for you to proceed, and you can decide whether or not you wish to go ahead.
As your Mortgage Broker in Beverley, we carry out a Fact Find to establish your personal needs before recommending the most suitable mortgage for you. A credit check is then required for an agreement in principle. Once you have provided all the relevant documentation and a property valuation has been undertaken, a formal mortgage offer can be issued.
We advise you to obtain an Agreement in Principle before property viewings in Beverley to avoid potential disappointment. At the very latest, we would suggest that you get one before you make any offers to put you in a better bargaining position. As a responsive Mortgage Broker in Beverley, we can typically obtain an agreement in principle within 24 hours.
An Agreement in Principle will last for between 30 and 90 days, depending on the lender. If your Agreement in Principle expires before you can use it. Don’t worry; speak to your advisor, they can make it valid again.
Depending on your circumstances, if you’re looking to achieve something like debt consolidation or home improvements, then you may be able to take out a second mortgage on your property. If you’re looking to use it for yourself, a family member, a holiday home or a Buy to Let, a second mortgage on that property may also be an option.
Once you have submitted at least one year’s accounts moves you along the process, allowing you to obtain a mortgage in Beverley potentially. Most lenders will utilise your salary plus dividend to calculate the maximum mortgage amount you are eligible to borrow, whereas some other lenders will go off your net profit.
For an employee to prove their income, it’s usually three payslips and the last two years’ accounts if you are self-employed. You will also need to provide proof of ID, address and the previous three months’ bank statements.
Generally speaking, our free mortgage consultation lasts around an hour or so. Additionally, we can turn around an agreement in Principle within 24 hours. But it takes three weeks on average for a formal mortgage offer to approve.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority. UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.