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Help to Buy Mortgage Advice in Liverpool

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Help to Buy Mortgage Advice in Liverpool
Across All Schemes

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.

 

How does the Help to Buy Equity Loan Scheme work?

The Help to Buy Equity Loan Scheme is designed to help both First Time Buyers and Home Movers 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

 

How do you qualify for the Help to Buy scheme?

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.  Both home movers and first-time buyers qualify.

 

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

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 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.

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

Your Mortgage Broker in Liverpool is here to help with your Help to Buy mortgage

Here are some of the most common Help to Buy mortgage situations that we come across:

  • This 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.
  • 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 Liverpool and receive a free mortgage consultation.

 

Find out more information about the Help to Buy schemes available to you at Gov.uk

Reasons to choose us as your Mortgage Broker in Liverpool:

  1. We’ll be here for you for help and support 7 days a week! Buying a property isn’t always easy, we’ll help you over any hurdles you face throughout the whole process.
  2. It’s our job to take the stress away, we’ll aim to make you feel relaxed and be open and honest.
  3. Please read our genuine customer Reviews at Reviews.co.uk – Your service is really important to us.
  4. Unlike a bank, we’re able to search 1000’s of mortgage deals in order to recommend the best one for you.

 

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.

What our customers say

Common mortgage
questions

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!

As your mortgage broker in Liverpool, we will need to carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is always required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.

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.

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 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 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. 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.

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We make it so easy!
Our 4 step process

Step 1

Give us a call and a Mortgage Advisor in Liverpool will recommend the best Help to Buy scheme based on personal circumstances.

Step 2

Enjoy finding your dream home in Liverpool

Step 3

Make an offer on the property and once accepted, we will progress your mortgage application.

Step 4

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.

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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2020 Liverpoolmoneyman

Liverpoolmoneyman, Rodney Chambers, 40 Rodney Street, Liverpool, L1 9AA.

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