Since the government introduced it way back in 2013, the Help to Buy Scheme has seen the number of first time buyers in Nottingham climbing the property ladder increase on a regular basis. Our hard working and dedicated mortgage advisors in Nottingham have a lot of experience in this area, and are always more than happy to answer your questions regarding this scheme.
The way that the Help to Buy Equity Loan works, is that the government will lend you an amount of up to 20% of the cost of your newly built home, so you’ll only be required to save up for a 5% cash deposit to be able to gain access to a 75% mortgage, making up the amount required to buy the property.
If for example your home sold for £200,000, you would be getting £160,000 (80%, from your mortgage and the cash deposit put together) and you’d pay back £40,000 on the loan (20%). The mortgage would be paid off with your share of the money.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home, though when those five years are up, you will have to pay this back. This is something that many different first time homebuyers forget; the government loan isn’t a gift, it is as the name implies, a loan.
We will always recommend the route for you to take based on your personal and financial circumstances, ensuring that you feel happy and secure throughout your entire Help to Buy mortgage journey.
The Help to Buy Equity Loan Scheme 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 would normally be.
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.
Get in touch with a mortgage advisor in Nottingham and receive a free initial mortgage consultation.
Find out more information about the Help to Buy schemes available to you at https://www.ownyourhome.gov.uk/
As a mortgage broker in Nottingham, we have helped out various customers with all different types of mortgages, including those looking to utilise the Help to Buy Scheme.
Once you get in touch with us, you’ll be booked in to speak with a mortgage advisor in Nottingham who we will walk you through the mortgage process, from start to finish.
If you have already found a new home that you are looking to purchase and it happens to fall within the realm of the government Help to Buy Scheme, we will go through the paperwork with you and even liaise with the home builder or estate agent on your behalf, in order to get the ball rolling for you.
Not only will we deal with your mortgage but we can also help if you need advice with regard to surveyors or solicitors.
As part of your initial free mortgage consultation, your mortgage advisor will go through all of the figures, giving you a rough estimate of how much you will roughly be paying back each month.
As your mortgage advisor in Nottingham, we are here to help you. Get in touch with us today and make a date for your free initial mortgage consultation.
For a Help to Buy mortgage in Nottingham, you will need to have a minimum of a 5% deposit. This 5% is taken from the sale price of your new build property. The government will top up your deposit through an equity loan to make up a total of a 25% deposit. For example, if you put down a 5% deposit, the equity loan will be 20%; if you had a 10% deposit, the equity loan will be 15%.
Your free mortgage consultation with us will last around an hour. During this consultation, your dedicated Mortgage Advisor in Nottingham will get to learn a bit more about your personal and financial situation.
Once your consultation is finished, your Mortgage Advisor in Nottingham will go away and try and find you a perfect mortgage deal tailored to your circumstances. If you love the mortgage offer that they’ve picked out and want to continue, the next step is to submit your mortgage application!
Our mortgage process consists of multiple different steps: 1. Once you get in touch, we will have you carry out our Fact Find so that we can get a bigger picture of your mortgage situation. 2. You’ll undergo your free mortgage consultation, then your dedicated Mortgage Advisor in Nottingham will begin searching for mortgage deals that are tailored to your circumstances. If we find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application. 3. We will perform a credit check on you in order to obtain an agreement in principle. Furthermore, we will get some evidential documents from you in order to back up your mortgage application. 4. We will submit your mortgage application and wait for a formal mortgage offer to be issued.
As a Mortgage Broker in Nottingham, we always advise applicants to obtain an Agreement in Principle before viewing properties. Firstly, you’ll need an Agreement in Principle to make an offer on a property. Secondly, having one in place could put you in a position to negotiate prices.
An Agreement in Principle typically lasts for 30-90 days. This timeframe may change depending on the lender that you are using.
If your Agreement in Principle expires, you can easily renew it by getting back in touch with your Mortgage Advisor in Nottingham or your lender.
It’s possible to obtain a second mortgage; as a Mortgage Broker in Nottingham, here are the most common reasons we see for people wanting a second mortgage:
– Debt consolidation
– Home Improvements
– Buy to Let
– Other, e.g. for a Family Member, Holiday Home, etc.
If you’ve had bad credit issues in the past, you may find it a little harder to get a mortgage, but that isn’t saying you still can’t get one!
Lenders may ask for a slightly higher deposit if you’ve had bad credit in the past. Some lenders may ask for a deposit of around 10-15%.
If you are able to submit at least one year’s of accounts, the more likely you are of being able to obtain a mortgage. Most of the lenders that we use look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit, it all depends on the lender.
Your free mortgage consultation in Nottingham will usually last around an hour. Following the consultation, we can turn around an Agreement in Principle for you within 24-hours. Now it’s just the case of submitting your mortgage application. A formal offer can take around three weeks on average to come back.
Give us a call and a Mortgage Advisor in Nottingham will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Nottingham
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.
