It can be a big challenge entering into property ownership without seeking Mortgage Advice in Bristol. Our team is here waiting to answer your calls to help guide you throughout the whole Home Buying Process, and whatever hurdles we should meet along the way. We’re with you from your initial enquiry right through to you getting your keys and moving in.
The Help to Buy Equity Loan Scheme got designed to help First Time Buyers in Bristol to buy a new home, with a 5% deposit.
The help to buy scheme works by you putting down a deposit of at least 5%. The government then lends you up to 20% of the property’s value as an equity loan. Next, you take out a mortgage on the rest of the property’s value. So if your deposit was 5% and your equity loan was 20%, you’d then take out a 75% mortgage
We’ll help you with this. Help to Buy Equity loans are only available on new build homes up to the value of £600k.
You must not have owned 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. We can provide Help to Buy Mortgage Advice in Bristol, as well as point you in the right direction with solicitors and surveys etc.
We’ll be able to let you know if you qualify for this scheme and explain it to you adequately to make sure you understand what you’re entering. Additionally, we’ll let you know if you qualify for a mortgage and how much your repayments will be.
If for example your home sold for £200,000, you’d get £160,000 (80%, from your mortgage and the cash deposit) and you’d pay back £40,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
It’s very important that you fully understand how this scheme works and the future options here. This is why speaking to your Mortgage Broker in Bristol will be highly beneficial.
We will always recommend the best option for your individual circumstances and make sure that you feel happy and secure through the whole Help to Buy process. Here are two of the most common Help to Buy mortgage situations that our Mortgage Advisors in Bristol have across:
Find out more information about the Help to Buy schemes available to you at https://www.ownyourhome.gov.uk/.
As a Mortgage Broker in Bristol, we assist clients with all types of mortgages, including those under the Help to Buy scheme. Once you make contact with us, we will walk you through the whole process, from start to finish. If you have already found a new home that you want to buy that falls within the remit of the 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.
Not only will we deal with your mortgage, but we can also help if you need advice about surveyors or solicitors. As part of your initial free mortgage consultation, we will go through all of the figures with you so that you know roughly how much you will be paying each month. As your Mortgage Advisor in Bristol, we are here to help you. Get in touch with us today and receive a free mortgage consultation.
Typically, our free consultation will last up to an hour or so. Our team can turn around an agreement in principle within 24 hours of speaking to an advisor. A formal mortgage offer can take around three weeks on average.
It’s typically three payslips for an employee to prove their income and the latest 2 years’ accounts for a Self Employed applicant. You will also need to provide the lender with proof of ID, address, and 3 months’ bank statements.
Once you have submitted a minimum one year’s accounts, you can get a mortgage. Most Lenders use your salary plus dividend to calculate the maximum mortgage, whereas some other lenders are known to go off your net profit.
Even if you have had credit problems, you may still be able to get a mortgage, though you may be required to put down a higher deposit than you otherwise would’ve, often 15% of the property purchase price.
You may find that it is possible to get a second mortgage on your home for things like debt consolidation or Home Improvements. If you are looking to take out a mortgage on a second property, either to use it for yourself, a family member, a holiday home, or a Buy to Let, this may also be possible.
An Agreement in Principle will usually last between 30 and 90 days, depending on the lender you go with. If your Agreement in Principle expires, you can always have it refreshed.
To avoid being disappointed if an offer falls through, we recommend that home buyers obtain an Agreement in Principle before you begin viewing properties in Bristol. At the very latest you should obtain an AIP prior to making an offer to assist your bargaining position with a seller.
As a trusted and hard-working mortgage broker in Bristol, we will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your situation. A credit check will be required for an Agreement in Principle. Once you have given the lender all the relevant documentation and a valuation of the property has been completed, a formal mortgage offer can be issued.
Your free mortgage consultation with a trusted member of our mortgage advice team in Bristol will last around one hour. From there, your advisor will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether you wish to take it or step back.
In order to buy a property, you will usually be required to have at least 5% of the sale price of your new build property in Bristol. In the case of a Help-to-Buy, the Government will then loan you up to 20% to the property value on top of this to make a 25% deposit.
Give us a call and a Mortgage Advisor in Bristol will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Bristol
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.
