Help to Buy Mortgage Advice in Sheffield
Across All Schemes
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.
Help to Buy Schemes
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:
You will need a minimum of a 5% deposit
Up to 20% of the property’s value is an equity loan from the government
The rest is taken out as a Help to Buy Mortgage. I.e. 5% deposit, 20% equity loan, 75% mortgage
Help to Buy – Do you qualify?
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 any Help to Buy Schemes before you apply for one.
Our amazing advisors 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.
Help to Buy Shared Ownership
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.
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