Help to Buy in Nottingham – Mortgage Advice Across All Schemes
The Help to Buy Scheme is always a popular option for first time buyers in need of help getting onto the property ladder. With the help of a trusted mortgage advisor in Nottingham, you will hopefully be able to experience a stress-free mortgage process, overcoming any hurdles in your way.
Your dedicated mortgage advisor in Nottingham will always be on hand, to provide support and guidance throughout your journey. We always aim to give you a much deeper understanding of how a Help to Buy in Nottingham will work. Our team will always have your best interests at heart.
How does the Help to Buy Equity Loan Scheme work?
This is a scheme that was set up as a means of assisting first-time buyers. In the past, this scheme was also available to existing homeowners who were looking to move home, though as of April 2021 the scheme has been remodelled and this no longer applies. Here are some key things to remember with a Help to Buy in Nottingham:
– You must have a minimum of 5% deposit.
– Up to 20% of the properties value will be loaned to you from the Government.
– Your mortgage balance will be covered by a special Help to Buy mortgage.
How do you qualify for a Help to Buy in Nottingham?
As a part of our personalised service, we will help you to figure out if you qualify for a Help to Buy in Nottingham. Help to Buy Equity Loans can only be used on new-build properties, with the maximum value determined by your location (see the government OwnYourHome site for more info). A Help to Buy in Nottingham can only be accessed by first time buyers.
You must not own any other property, meaning if you already own a home, you are prohibited from buying a second home with this scheme. You are also not allowed to take part in any part-exchange and sub-letting deals.
Help to Buy Shared Ownership
By utilising the Help to Buy Shared Ownership Scheme, you are able to purchase a share in a property, rather than the whole thing. The percentage you will buy tends to be between 25% and 75%, though on some occasions, you can possibly purchase as low as 10%. The remainder of the property percentage will be paid with rent.
If you are unable to afford the mortgage on 100% of a home, Help to Buy Shared Ownership allows you the opportunity to only buy some of it, with a chance to increase your shares at a later date when it is financially viable to do so.
As an expert Mortgage Broker in Nottingham, we are here to provide mortgage advice to those looking to use a Help to Buy in Nottingham, no matter which scheme. To learn more about the various schemes available, or to get started with your own Help to Buy in Nottingham, book your free mortgage appointment and we’ll see how we can help.
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