The term Help to Buy covers various schemes that are available, however, the one most common these days is the Help to Buy Equity Loan Scheme. The key to obtaining any mortgage, especially with a government scheme in play, is determining eligibility for said mortgage scheme and matching up to lender criteria.
This is the benefit of taking out mortgage advice in Sheffield, as they will be able to take on the latter and help you match up to the most appropriate mortgage lender. Help to Buy applies to first time buyers in Sheffield purchasing newly built properties.
As touched upon earlier on, the most popular Help to Buy scheme and the most commonly occurring one, is the Help to Buy Equity Loan. This scheme is fantastic and it helps you buy a home with assistance from the government, though you will still need a 5% minimum deposit from either a gifted deposit or your own savings.
Here are some facts about the Help to Buy Equity Loan Scheme that you need to be aware of:
A trusted and greatly experienced mortgage broker in Sheffield, like us, will be able to help you find out whether or not you qualify for a Help to Buy in Sheffield before you apply for one.
Our amazing help to buy advisors in Sheffield will recommend your best option based on your personal situation, matching you up to various different lenders criterias, seeing where you match-up and have the best chance of success whilst staying relatively close to what you were looking to do.
When utilising the government Help to Buy Equity Loan Scheme, it’s important to remember that you can only buy a newly built home up to the value of £600,000 and you will need to be a first time buyer in Sheffield. Your eligibility depends on the property in question and your eligibility for the mortgage scheme.
You cannot own any other property at the time you buy your new home when applying for the Help to Buy Equity Loan and you must also remember that subletting and part-exchange is strictly not allowed.
Another scheme we see alongside the aforementioned one is the Help to Buy Shared Ownership scheme. You’ll usually be able to buy between 25% and 75% of a home and pay the rest as a rental fee. In some cases and depending on the property, you may be able to purchase as little as 10%.
If you feel that you don’t quite have the ability to afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (usually between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could put money into bigger shares when you are able to afford to do so.
As your expert mortgage broker in Sheffield, we are able to provide useful Help to Buy mortgage advice across all the different schemes available to applying first time home buyers. Find out more information about Help to Buy schemes available to you and the most common Help to Buy mortgage scenarios below in our commonly asked questions section.
Our open & honest mortgage advice team will always recommend to you the most appropriate option for your personal and financial situation, doing everything in their control to make sure that you feel happy, stress-free, secure and well-informed all throughout your entire Help to Buy in Sheffield.
A Help to Buy in Sheffield means you are able to purchase your home with only a 5% deposit, whilst on the other hand, Help to Buy Shared Ownership deposits tend to be a lot lower.
With a Help to Buy: Equity Loan, you will be able to borrow up to 20% from the government, of the cost of your newly built home. This means that you only need a 5% cash deposit and a 75% mortgage overall.
Contact a mortgage advisor in Sheffield and book yourself in for a free mortgage appointment.
Before we can start looking at whether or not we can get you a Help to Buy in Sheffield, we will need to see if you qualify for any of the Help to Buy schemes that are available.
If you would like to understand more about the types of schemes that a homeowner may have access to use, get in touch with one of our dedicated and hard working Help to Buy mortgage advisors in Sheffield.
The Help to Buy Equity Loan is only accessible when you are purchasing newly built homes, with a maximum amount that depends on the area that you are looking to live. Remember, you also have to be a first time buyer in Sheffield. Matching up to the criteria will be dependant on your circumstances, as well as the property you are looking to purchase.
You must not have ownership of another property when you look at buying your new home with a Help to Buy Equity Loan. Also, it is very important that you remember that subletting and part-exchange is strictly prohibited.
Find out more information regarding the Help to Buy schemes, see Gov.uk
As a trusted and experienced mortgage broker in Sheffield with over 20 years of providing high quality mortgage advice in Sheffield, we have worked with a lot of different types of customers and a have knowledge on a wide variety of mortgage types.
This often includes those looking to make use of the government Help to Buy scheme. Once you book online to speak with a dedicated mortgage advisor in Sheffield, you’ll have someone working with you, from that initial first point of contact, all the way through until your process ends.
If you have already found a new home that would like to buy, and it matches the criteria for a Help to Buy in Sheffield, we can look through the paperwork with you and even liaise with the home builder or estate agent for you if you would like.
We can not only help with your mortgage, but if you require any help with any surveyors or solicitors, we can also advise on that and point you towards the right direction, discussing what you may need for that.
As part of your free primary mortgage appointment, your designated mortgage advisor in Sheffield will be able to take a look at all of the figures with you, helping to provide you with a rough estimate of the amount you will be paying per month for your mortgage.
You’re welcome to take a look at our amazing customer reviews. They are proof of why so many people choose us for mortgage advice in Sheffield when they use the Help to Buy Equity Loan Scheme.
As a fast & friendly and experienced mortgage broker in Sheffield who is respected across the industry, we are here to provide help and guidance all throughout every step of your mortgage process. Book your free mortgage appointment online today and we’ll see how we are able to help.
You will need to have at least 5% of the sale price of your new build property in Sheffield. The Government will then help you out by loaning you up to 20% to the property value.
Your free mortgage consultation with a Mortgage Advisor in Sheffield will last approximately an hour. Once they have evaluated your situation, they will recommend a mortgage for you with no obligation for you to proceed. Based on the deal, you can decide whether or not you want to continue the process with us or not.
As a trusted Mortgage Broker in Sheffield, we carry out a fact find to verify your needs before recommending you with a mortgage deal. After a Mortgage Advisor in Sheffield has evaluated your situation, they will perform a credit check on you, this is required for an agreement in principle. Then after you have provided all of the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued.
We always advise that you obtain an agreement in principle before you start viewing properties in Sheffield, to avoid disappointment. If you want to get yourselves a head start, you should get one prior to making an offer.
Typically, an agreement in principle lasts for between 30 and 90 days, however, this can change depending on your lender in Sheffield. If your agreement in principle expires, you can renew it quite easily.
Yes, you can get a second mortgage. Whether this is for debt consolidation or home improvements, this is possible. It is also possible to take out a second mortgage on a second property but only if it is own use, the use of a family member, a holiday home or a Buy to Let.
It will be harder but yes you can. You will have to show that you can afford a mortgage by putting down a higher deposit, perhaps 10% or 15% of the purchase price.
Yes, however, you must submit at least one years’ accounts. Most lenders use your salary + dividend to calculate the maximum mortgage, whereas other lenders in Sheffield could base it of your net profit.
If you are an employee, you will need to provide three payslips to prove your income. If you are Self Employed in Sheffield, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.
Our free mortgage consultation in Sheffield will take about an hour. Once your consultation is completed, we can arrange an agreement in principle for you within 24 hours. A formal offer takes up to three weeks on average.
Give us a call and a Mortgage Advisor in Sheffield will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Sheffield
Make an offer on the property and once accepted, we will progress your mortgage application.
We will be here to answer all of your mortgage questions right through till you get your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
