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.
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