Help to Buy Mortgage Advice in Bristol
Across All Schemes
Introduced by the government, the Help to Buy scheme was launched with the goal to help first time buyers begin their mortgage journey. The most popular type of this scheme is the Help to Buy Equity Loan Scheme. When you look at getting a mortgage, the key thing you need to know before proceeding is if you are eligible for the scheme you are interested in and match you up to lender criteria.
Obtaining Mortgage Advice in Bristol can be beneficial when it comes to eligibility and matching you up to the most appropriate lender. Help to Buy is only available to First Time Buyers purchasing newly built properties.
How does the Equity Loan Scheme work?
As previously mentioned, the most common and popular Help to Buy Scheme is the Help to Buy Equity Loan. This scheme is fitting for those who are looking to buy a home but are struggling with the deposit. The requirements include you being able to put forward a 5% minimum deposit which can be generated through a gifted deposit or saving up.
If you are interested in utilising the Help to Buy Equity Loan Scheme, below is more information you need to know:
-You need to put down a minimum of 5% in deposit.
-Up to 20% of the property’s value is an equity loan from the government.
-The remaining amount is taken out as a Help to Buy Mortgage. i.e. 5% deposit, 20% equity loan, 75%.
Do I qualify for a Help to Buy in Bristol?
If you are looking into whether or not you are eligible for a Help to Bristol prior to applying for one, it’s best to get in touch with a trusted Mortgage Broker in Bristol.
Our team of knowledgeable help to buy advisors in Bristol will provide tailored advice by recommending to you the next steps to take that will benefit your financial situation. Along with this, we will match you up to a range of different lenders’ criteria to see where you match up. Carrying out these tasks can increase your chances of mortgage success and help you towards achieving your mortgage goals.
Remember, the government Help to Buy Equity Loan Scheme means you can only purchase a newly built home also you will need to be a First Time Buyer. When it comes to eligibility, this all comes down to the desired property and your eligibility for the mortgage scheme.
You cannot buy a second home through this scheme. The property must be your only residence and you are prohibited from making any part-exchange or sub-letting deals on your home. Furthermore, you cannot be married or cohabiting with anyone who owns or previously owned their own home elsewhere. For those who are married or cohabiting, you will need to make a joint Help to Buy application and either of you can have another property.
Help to Buy in Bristol – Shared Ownership
Help to Buy Shared Ownership scheme is another option many customers look into. When it comes to this scheme, you will be able to buy between 25% and 75% of a home and pay the remaining amount as a rental fee. You might you can purchase as little as 10%, however, this depends on the property.
This scheme is fitting for those who are unable to purchase a home at full price. The Help to Buy Shared Ownership gives home buyers the chance to buy part of the property upfront, providing the option to purchase bugger shares in the future when they are able to do so.
Open and Honest Mortgage Advice in Bristol
With a dedicated Mortgage Advisor in Bristol by your side, you will be guided through the mortgage journey being supported every step of the way. They will be there to help you overcome any hurdles that may occur and strives in relieving the stress of the mortgage process. Our team at Brisotlmoneyman always provide open and honest Mortgage Advice in Bristol through your Help to Buy in Bristol.
Our team will be there to provide you with the guidance and support you need throughout your mortgage journey. We will keep you informed throughout explaining what’s going on and keeping technical jargon to a minimum. Furthermore, we will be on hand to answer any of your mortgage questions.
Customers are at the heart of Bristolmoneyman. Our team pride itself on providing a service that supports you throughout the process and goes above and beyond the mortgage.
How does it work?Get a quote nowMeet your advisor