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.
For a Help to Buy mortgage, you will need to have at least 5% of the sale price of your new build property in Beverley. The government will then loan you up to 20% of the properties value, making your deposit 25%.
Your free mortgage consultation in Beverley will last around 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 proceed with the mortgage.
As your Mortgage Broker in Beverley, we carry out a Fact Find to establish your personal needs before we recommend 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 valuation of the property has been undertaken, a formal mortgage offer can be issued.
To avoid possible disappointment, we recommend you obtain an agreement in principle before you begin viewing properties in Beverley. At the very latest you should obtain one prior to making an offer to assist your bargaining position.
It may be possible to get a second mortgage on your home for things like debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.
Once you have submitted at least one year’s accounts, you are able to get a mortgage. Most lenders use your salary plus dividend to calculate the maximum mortgage, whereas others are known to go off your net profit.
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.