The whole home buying process can be full of surprises and quite intimidating, especially if you’ve never done it before. That’s why it’s our job to be there to support you through the whole process, talk you through what happens and when and always be at the other end of the phone when you need us.
When buying a new home, things don’t always go the way you want them to, that’s why having a local mortgage expert on your side will be beneficial, especially if you’re looking into Help to Buy.
Please contact us to see if you qualify for a scheme.
The Help to Buy Equity Loan Scheme is designed to help First Time Buyers in Liverpool buy a new home, with a 5% deposit. Here are a couple of key facts about the Help to Buy Equity Loan Scheme:
A minimum of 5% deposit is required
Up to 20% of the property’s value as 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
If you are wanting to go down the Help to Buy route, we will see if you qualify for the scheme – It’s part of our service. Help to Buy Equity loans are only available on new build homes up to the value of £600k.
You must not own any other property at the time you buy your new home with a Help to Buy Equity Loan. Also, subletting and part-exchange is not allowed.
Part of the terms and conditions specify that you should not own any other property i.e. you cannot buy a second home with the help of this scheme. Part-exchange and sub-letting is also not allowed.
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 expert Mortgage Broker in Liverpool, 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.
Here are some of the most common Help to Buy mortgage situations that we come across:
Get in touch with a Mortgage Advisor in Liverpool and receive a free mortgage consultation.
Find out more information about the Help to Buy schemes available to you at https://www.ownyourhome.gov.uk/
If you have any further questions about the Help to Buy schemes and how they work, make sure that you get in touch with Liverpoolmoneyman to speak with a Help to Buy Mortgage Advisor in Liverpool.
As your Mortgage Broker in Liverpool, our first job is to carry out a Fact Find on you to get a bigger picture of your personal and financial situation, so that we can recommend the most suitable mortgage for you. In order to obtain an Agreement in Principle, you will also need to have a credit check performed on you. Once you have provided all the relevant evidential documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
You will always need to have at least 5% of the sale price of your newly built property in Liverpool. The Government will then loan you up to 20% to the properties value. Remember this is a loan and not free money, you will have to pay this back in 5 years otherwise you will start gaining interest on the rest of the 20%.
Your free mortgage consultation with Liverpoolmoneyman will last around an hour. After your details have been taken, a Mortgage Advisor in Liverpool will then search through thousands of mortgage deals to find a perfect matching deal for you. Once we recommend the deal, you can decide whether to proceed with us or not, it’s completely up to you!
We always recommend that you obtain an Agreement in Principle before you start viewing properties in Liverpool, as they can potentially put you in front of other buyers who don’t have one. Lenders will like the fact that you have prepared before making an offer.
An Agreement in Principle typically remains valid for between 30 and 90 days, but this can change depending on your lender. If your Agreement in Principle expires it can always be refreshed. A Mortgage Broker in Liverpool like us can usually get one sorted for you within 24 hours within your application.
Yes, you can get a second mortgage. You can take out a second mortgage for your current home for things like debt consolidation and home improvements. It is also possible to take out a second mortgage for another property if you want. Usually, this situation comes about when people are interested in a holiday home, are buying for a friend/family member or want a Let to Buy or Buy to Let.
It is possible but it can be a bit tricky though. When you have had previous credit problems your minimum deposit that is required could rise, we have seen it at 15% before. Having a Specialist Mortgage Broker in Liverpool could really help you get back on track in situations like these.
After you have proven at least one year’s accounts to your lender, you should be able to get a mortgage. Most lenders in Liverpool will use your salary plus dividend to work out your maximum mortgage, however, some can go off your net profit.
If you’re an employee, you will usually have to supply three payslips in order to prove your income. If you are Self Employed in Liverpool its normally the latest 2 years’ accounts. You will also need to produce proof of ID, address and 3 months’ bank statements.
Our free initial mortgage consultation can last up to an hour. As an experienced Mortgage Broker in Liverpool, after we have all of your information we can get you an Agreement in Principle within 24 hours or your phone call. On average, a formal mortgage offer takes about three weeks.
Give us a call and a Mortgage Advisor in Liverpool will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Liverpool
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.
