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Help to Buy in Sheffield
Across All Schemes

Discuss your options for a Help to Buy mortgage with an expert mortgage advisor in Sheffield today.

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Mortgage advice for Help to Buy in Sheffield

Help to Buy was first introduced in the early 2010s as a government-backed scheme to help first time buyers get onto the property ladder. Over the years, some of these schemes have been discontinued, whilst others have been kept on without the Help to Buy name.

The most well-known of these was the Help to Buy Equity Loan Scheme, which was closed to new applicants at the end of 2022.

This means that first time buyers in Sheffield and across the UK can no longer use this scheme, but it doesn’t mean that support for home buyers has ended.
There are still a variety of schemes that can help to buy in Sheffield and with the help of a trusted and dedicated mortgage broker in Sheffield, you will have a helping hand in overcoming any hurdles you encounter.

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Help to Buy in Sheffield</br>Across All Schemes

Helping first time buyers onto the property ladder with a Help to Buy in Sheffield

Buying a home can be a challenging and sometimes daunting experience, particularly if you’re a first time buyer in Sheffield or moving home. With such a large financial commitment involved, it’s not uncommon for obstacles to arise. These can include high property prices, limited income, needing to put down a bigger deposit, struggling to meet criteria and more.

Fortunately, mortgage schemes can help make home ownership more attainable and can help to reduce a lot of these problems. From schemes that help lower earners, to support from housing associations and councils, there are options out there that can help you achieve your goals.

It’s important to remember that not every scheme will apply to every situation. Some are more aimed at first time buyers in Sheffield, whilst others are available to people moving home, too. Each of these schemes will have its own eligibility requirements, which you’ll need to check before applying for a mortgage. A mortgage advisor in Sheffield may be able to help with this.

What are some useful mortgage schemes that can Help to Buy in Sheffield?

The most popular schemes available for home buyers are the Shared Ownership Scheme, which is available to first time buyers and home movers in Sheffield, as well the Right to Buy & Right to Acquire Schemes, which helps local authority tenants to purchase their homes.

These are the types of schemes you may know by name, whilst others you may not be aware of. Some of these include the Lifetime ISA, first homes scheme and forces help to buy, to name just a few. Again, these all have their own criteria and eligibility requirements for you to apply for them.

Even if you do meet the requirements, it doesn’t necessarily mean it’s the right scheme for you. That’s where a dedicated mortgage advisor in Sheffield can come in.

It’s their job to look at your case and see what options you have available to you. In some cases, the route you thought was appropriate initially, may not be the best route for you to take overall.

By booking in your free mortgage appointment with a mortgage broker in Sheffield, you’ll find out about all the possible schemes or alternatives that could help to buy in Sheffield as a first time buyer or home mover.

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FAQs about Help to Buy in Sheffield

How mortgage schemes can help to buy me a home in Sheffield?

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Help to Buy mortgage can facilitate homebuying in several ways. They provide financial support, often in the form of government-backed loans or equity loans, reducing the amount needed from traditional mortgage lenders and lowering deposit requirements, sometimes as low as 5%. Some schemes offer subsidized interest rates, making monthly payments more affordable.

They are typically accessible to first-time buyers and may focus on new build properties, ensuring modern, energy-efficient homes. Flexibility in repayment and regional variations may also be available. However, eligibility criteria and terms can vary, so it’s essential to looking into expert mortgage advice in Sheffield for up-to-date, tailored guidance when considering these schemes in Sheffield.

Why choose a mortgage broker in Sheffield over a Bank?

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As a highly respected mortgage broker in Sheffield, we take immense pride in our team of dedicated mortgage advisors who have privileged access to an extensive network of lenders. This exclusive advantage allows us to explore a plethora of mortgage deals, ensuring we discover the perfect product tailored specifically to your needs and preferences.

Unlike the limitations imposed by approaching a single bank, our wide-ranging collaborations empower us to present you with a diverse selection of options, including specialised mortgage products meticulously designed to meet your unique criteria.

We go the extra mile to ensure that every aspect of your mortgage is carefully considered and tailored to your individual circumstances. Countless customers who have faced mortgage rejections from traditional banks due to stringent lending criteria have found our assistance invaluable.

Our team possesses the in-depth knowledge, expertise, and experience necessary to navigate even the most complex situations, finding innovative solutions that align perfectly with your financial goals.

We understand the significance of your time and the urgency associated with securing a mortgage. That’s why we take pride in our ability to offer prompt same-day appointments with our mortgage advisors in Sheffield.

By bypassing the long waiting times typically associated with banks, we ensure a streamlined and efficient process that respects your busy schedule. By entrusting us as your mortgage broker, you gain access to our extensive network of reputable lenders, personalised guidance tailored to your unique circumstances, and a commitment to providing exceptional customer service.

We are dedicated to making your mortgage journey seamless and stress-free, empowering you to achieve your dreams of homeownership with confidence and peace of mind.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

Our mortgage advisor in Sheffield will assess your income and expenses during your appointment to determine your eligibility and affordability for Help to Buy Schemes in Sheffield.

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Step 2

Our team will thoroughly search through 1000 mortgage products to find the one that suits your needs best.

Submit Your Help to Buy Application

Step 3

Upon acceptance of your offer, we will submit your complete mortgage application and accompanying documents to the lender.

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Our services go beyond securing the most suitable mortgage deal for you. We will provide recommendations for relevant insurance options to protect you and your loved ones.

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Free Mortgage Appointment

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To begin your journey, all you need to do is schedule your free mortgage appointment today, and one of our knowledgeable mortgage advisors in Sheffield will promptly assess how we can help you in achieving your goal of purchasing a property in Sheffield.

1000's of Deals

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With a remarkable history spanning over two decades, we take great pride in being a trusted and reliable mortgage broker in Sheffield.

Our expertise and dedication have allowed us to provide transparent and reliable mortgage advice to numerous first time buyers in Sheffield. You can place full confidence in our ability to guide you through the process with professionalism and expertise.

To ensure utmost convenience for our valued customers, we offer the option to easily book a free mortgage appointment online.

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Our team of highly knowledgeable mortgage advisors in Sheffield is readily available to speak with you at a time that suits your schedule, including evenings and weekends. We understand the importance of flexibility when making such a significant decision.

At Sheffieldmoneyman, exceptional customer service lies at the core of our values. The genuine reviews from our satisfied customers serve as a testament to our unwavering commitment to delivering open and honest mortgage advice in Sheffield.

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We are devoted to finding the most suitable mortgage options tailored specifically to your unique circumstances.

In the rare event that we are unable to secure a mortgage for you during our initial contact, we will always provide valuable guidance on the best steps to improve your chances in the future.

Our ultimate goal is to support you on your journey to homeownership, offering insightful recommendations and expertise throughout the entire process.

Malcolm and Amy Davidson - Mortgage Advice in Sheffield

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Common Help to Buy Mortgage Questions in Sheffield

What is shared ownership?

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Since the 1980s, the Shared Ownership Scheme has been a valuable support system for both first time buyers and home movers in Sheffield, helping them in their journey towards property ownership.

Also referred to as “part buy, part rent,” Shared Ownership in Sheffield enables you to acquire a portion of the property, typically ranging from 25% to 75%, although the exact share can be lower based on the mortgage lender. The remaining portion is paid as rent.

This arrangement offers flexibility and stability to home buyers, making the dream of homeownership more attainable.

An advantageous feature of Shared Ownership is the opportunity for homeowners to gradually increase their ownership through a process known as “staircasing.” This allows individuals to purchase additional shares in the property over time until they reach full ownership.

However, it’s important to note that Shared Ownership is exclusively available for specific purpose-built properties that meet the criteria and guidelines of the scheme.

These properties are specifically designed to fulfil the requirements of the Shared Ownership Scheme.

Can I buy my council house?

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For many individuals, renting in the housing market serves as a stepping stone before becoming homeowners. This choice is often made due to the perception of affordability.

The reality is that saving enough for a home deposit can be challenging when faced with rental expenses, bills, and regular outgoings.

If you currently rent a property and aspire to purchase it, there is good news. You may be eligible to do so!

In the case of renting from a local council or housing association, you might qualify for the Right to Buy or Right to Acquire schemes, respectively. To be eligible, you typically need to have been a public sector tenant for a minimum of three years.

Qualified applicants can benefit from a discounted purchase price, which is determined based on the length of their tenancy. Moreover, many mortgage lenders consider this discount as an acceptable deposit.

While this may be the case, it is still advisable to save for a deposit in certain situations. Some mortgage lenders may require a deposit, and having one can provide access to more favourable interest rates.

If you are a first time buyer looking for help to buy in Sheffield, it is recommended to contact your local authority, who owns the property, to determine your eligibility for the Right to Buy Scheme.

They will provide you with the necessary information and guidance on a scheme that can help you achieve your homeownership goals.

Are 5% mortgages still available?

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Indeed, it is still possible for home buyers to secure a mortgage with a deposit as low as 5%, provided they meet the criteria set by the mortgage lender and demonstrate creditworthiness.

In the past, mortgage lenders were often cautious about offering high loan-to-value ratios. To address this, mortgage schemes were developed to encourage lenders to provide 95% mortgages while incorporating additional safeguards.

Although some specific cases may still benefit from these schemes, most mortgage lenders nowadays are open to applicants with a 5% deposit. It is generally more advantageous for both the lender and the applicant if the deposit is slightly higher.

Individuals with a poor credit history or lower income may be required to provide a higher deposit, typically around 15-20%, to increase their chances of mortgage approval.

Saving for a deposit can be challenging, especially for home buyers aiming for amounts above 5%. This is particularly true for first time buyers in Sheffield who aspire to transition from rented accommodation.

To support those aiming for the minimum deposit, schemes promoting 95% mortgages have been introduced.

Your mortgage advisor in Sheffield will carefully evaluate your financial situation and work to find a suitable mortgage lender who can help you in purchasing a property in Sheffield, even with a smaller deposit.

They will provide transparent guidance and present any relevant home buying schemes that could be beneficial for your specific circumstances.

Does Help to Buy have to be a new build?

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If you’re familiar with the Help to Buy Equity Loan, you may recall that the scheme was previously limited to new build properties. With the conclusion of that scheme, most other home buying schemes are now open to properties beyond just new builds.

For individuals looking to purchase a new build property in Sheffield, there are still schemes specifically tailored to meet their needs. One such scheme is designed to help local first time buyers in Sheffield.

Eligible buyers of new builds may have the opportunity to purchase at a discounted price. It’s important to note that if you choose to sell the property in the future, you will be required to offer a discount on the sale price as well.

This approach promotes an affordable home buying chain for future generations. However, it’s important to recognize that not everyone will meet the eligibility criteria for these schemes.

Your trusted mortgage broker in Sheffield will conduct a thorough assessment of your circumstances and provide recommendations based on the best available options for you.

They will guide you through the process and help you make informed decisions regarding your home purchase.

Can you get a mortgage on disability benefits?

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It’s crucial to emphasize that both mortgage lenders and mortgage brokers are legally prohibited from discriminating against individuals with disabilities during the mortgage application process.

They cannot deny assistance based on disability.

There are other financial factors to consider when applying for a mortgage. The good news is that certain mortgage lenders are open to considering applicants who receive disability benefits, although the process may take slightly longer.

For individuals with long-term disabilities, the likelihood of being considered for a mortgage is generally higher. This is because consistent benefits are typically received over an extended period.

On the other hand, individuals with shorter-term disabilities may face challenges, as there may be uncertainty about the duration of their benefits.

Fortunately, if you have a disability and are applying for a mortgage in Sheffield, there are schemes available to provide support.

One such option is a variation of the Shared Ownership Scheme, which can be applicable to purpose-built properties.

It’s important to note that eligibility requirements still apply to these schemes. Disabled applicants can find solace in knowing that there are various mortgage options available to them, irrespective of their personal circumstances.

What is a Lifetime ISA?

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You may be familiar with the concept of a Lifetime ISA, also known as LISA. It is an individual savings account specifically designed to help individuals in saving for long-term goals, such as purchasing their first home in Sheffield.

One significant advantage of a Lifetime ISA is that the government provides a 25% bonus on your contributions, up to a specified annual limit, with a maximum cap on your total contributions.

For example, if you manage to contribute £2,000 in a year, the government will add an additional £500 to your savings account. There are certain eligibility criteria that need to be considered.

The age range for opening a Lifetime ISA is between 18 and 39, and it can only be used for either a home purchase or retirement (subject to withdrawal restrictions until a specific age).

Overall, a Lifetime ISA can be an excellent strategy for gradually accumulating funds towards your future homeownership in Sheffield.

How to get a mortgage on a low income?

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Obtaining a mortgage can pose challenges, particularly for individuals with a low income. Mortgage lenders typically assess applicants’ income and financial stability to determine their ability to repay the loan.

A lower income can limit borrowing capacity, as lenders perceive applicants with low income as higher risk. Meeting the affordability criteria set by lenders can be difficult for low-income home buyers.

Moreover, a lower income can affect the amount of deposit that can be saved, making it challenging to meet the lender’s requirements. Fortunately, there are government schemes available to support low-income home buyers in accessing affordable housing options.

These schemes specifically target individuals with lower incomes, providing opportunities to purchase properties at reduced or discounted costs. This makes homeownership more attainable and cost-effective for those with limited income.

It’s important to note that each scheme has its own eligibility criteria and may not be suitable for every situation. Speaking with a mortgage advisor in Sheffield can be advantageous when looking for help to buy in Sheffield

How does Forces Help to Buy (FHTB) work?

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Forces Help to Buy is a government initiative specifically designed to support members of the armed forces on their path to homeownership.

This scheme provides eligible personnel with an interest-free loan, allowing them to borrow up to 50% of their salary, with a maximum cap of £25,000.

The loan obtained through Forces Help to Buy can be used towards the deposit and other associated costs involved in purchasing a property.

This program acknowledges the unique challenges faced by military personnel, who often encounter obstacles in accessing traditional mortgage products due to frequent relocations and deployments.

By providing financial assistance and favourable loan terms, Forces Help to Buy empowers servicemen and women to take a significant stride towards owning their own home and establishing a stable living environment for themselves and their families.

This scheme plays a crucial role in making homeownership more accessible and affordable for individuals serving in the armed forces, ensuring they have the opportunity to lay a secure foundation for their future.

Find out more information about the schemes available to you on the government OwnYourHome website.

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