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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.
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%.
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 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.
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.
As part of our tailored service, our team of Mortgage Advisors in Bristol will look into your personal and financial situation and recommend you the most appropriate mortgage product for you.
When you are going through Help to Buy in Bristol process, our goal is to make the journey as stress-free as possible as well as keep you updated.
The Help to Buy in Bristol was designed to provide support to first-time buyers in purchasing a new build home from a Help to Buy registered builder, with only a 5% deposit. It’s common for Help to Buy Shared Ownerships to be lower compared to traditional home buying.
If you are taking out a the Help to Buy Equity Loan, this loan will be provided by the government. The amount will be up to 20% of the cost of your new-build property, which means you are required to only put down a 5% deposit. As a result, this will sum up to 25% overall giving you access to a 75% loan-to-value.
The amount will change depending on how much deposit you put down and will never be higher than 25%. For instance, if you have a 10% deposit, the government will loan you 15%. Because this is a loan and not a gift, you will need to pay it back.
To start, our team will need to see if you are eligible for any of the available schemes before we start the process of helping you get a Help to Buy in Bristol.
Booking yourself in for a free initial mortgage appointment we offer to all customers at Bristolmoneyman would be beneficial if you are looking for further information. Within this appointment, you can speak to one of our expert Mortgage Advisors in Bristol who can explain the range of schemes that may be available to you as well as answer any questions you may have regarding these.
Your financial circumstances and the amount your potential home is worth will play a big factor when it comes to matching you up with the appropriate mortgage criteria. Remember, you cannot own an additional home whilst you are purchasing a home with the Help to Buy Equity Loan. Furthermore, subletting and part-exchange are not permitted with this scheme.
Find out more information about the Help to Buy schemes available to you at https://www.ownyourhome.gov.uk/.
With over 20 years of intensive experience within the mortgage industry, we have dealt with a plethora of customers with a range of situations as their trusted Mortgage Broker in Bristol. The overall goal we aim for at Bristolmoenyman is to provide an open and honest service that supports customers towards their home-owning dreams.
Our team has dealt with many customers who are looking to use a Help to Buy in Bristol. You are supported every step of the way by our friendly team from your initial call all the way to obtaining the keys to your new home.
As soon as you and the property you are looking at are matched up with the appropriate criteria for a Help to Buy in Bristol, we are able to go through the paperwork with you and contact external parties if necessary. Our team can help with surveyors or solicitors, pointing you in the right direction.
Check out our amazing customer reviews to get further insight on how we have helped many people on their mortgage journeys. You will also see why lots of home buyers approach us when they take out a mortgage using the Help to Buy Equity Loan Scheme.
Being a reputable Mortgage Broker in Bristol that strives in providing fast & friendly Mortgage Advice in Bristol, we are here to give a helping hand to customers looking to get a Help to Buy in Bristol.
Speak to an expert Mortgage Advisor in Bristol by simple booking yourself in for a free mortgage appointment.
5.00 Rating3 Reviews
Eamonn
Spoke to several Mortgage Brokers about my situation and having talked to Malcolm, he fully understood my views and gave me his honest opinion. A very professional, friendly, and efficient service that enabled us to the best mortgage on the market.
Anonymous
Helen was lovely to chat with, she booked me in for an appointment with a broker within minutes of me sending an email enquiry on a Sunday and explained everything about the process really well.
Jessica
Very responsive even in late evenings! Answered all of the questions that I had, explained the whole process through out and made the house buying process so much easier!
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.
