Help to Buy Mortgage Advice in Sheffield
Across All Schemes
There are lots of different Help to Buy schemes available that you have access too, it is just the case of qualifying for them. You won’t match the criteria of every single scheme so it is important that you look at which ones you will match before applying for them. Alternatively, you can go to your Mortgage Advisor in Sheffield and they will sort all of this for you. Help to Buy mostly applies to First Time Buyers and Home Movers in Sheffield purchasing newly built properties.
Help to Buy Schemes
The most popular Help to Buy scheme is the Help to Buy Equity Loan. Yes, the scheme helps you buy a home but you will still need a 5% minimum deposit. Here are some facts about the Help to Buy Equity Loan Scheme:
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
Here is an example from the official Help to Buy website of a home with a £200,000 price tag and how much the government would loan you:
Help to Buy – Do you qualify?
A Mortgage Broker in Sheffield, like us, will check whether you qualify for any Help to Buy Schemes before you apply for one. Even if you want some help in deciding on a scheme, our amazing advisors will recommend your best option based on your personal situation.
For example, you are only accessible to the Equity Loan Scheme if you are buying a newly built home up to the value of £600,000 and you either have to be a First Time Buyer or a Home Mover in Sheffield. It relies on the property and you to meet the scheme’s criteria.
You must not own any other property at the time you buy your new home when applying for the Help to Buy Equity Loan. Also, you need to remember subletting and part-exchange is not allowed.
Help to Buy Shared Ownership
Help to Buy Shared Ownership scheme, you can buy as little as 25% or as much as 75% of a home and pay rent on the rest. If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.
As your local expert Mortgage Broker in Sheffield, we are able to provide Help to Buy Mortgage Advice across all schemes. Find out more information about Help to Buy schemes available to you and the most common Help to Buy mortgage scenarios below.
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