Help to Buy in Manchester

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Help to Buy Mortgage Advice in Manchester

Help to Buy Equity Loan

This scheme is just one of the new modern approaches to getting onto the property ladder. It was made to help first time buyers who were struggling to save for a large deposit.

 

As an experienced Mortgage Broker in Manchester, we have years behind us of helping mortgage applicants with this scheme and have in-depth knowledge of the scheme requirements and criteria.

 

How the scheme works

The Help to Buy Equity Loan allows you to make up a total of a 25% deposit to put down a property. You have to put down a minimum of 5% deposit on the property and the Government will loan you the remaining 20% to make the 25% total. This can also work if you put down a 10% deposit, the Government can loan you 15% extra.

 

Your Equity Loan will be free of interest within the first five years, however, if you don’t manage to pay it off within this time, you will begin receiving 1.75% interest on the remaining amount. On top of this Equity Loan, you will also be taking out a 75% mortgage on the property, so you will have two sets of payments to account for.

 

For example, someone has taken out a Help to Buy mortgage in Manchester and used the Equity Loan scheme on a property valued at £200,000. If you put down £10,000 (5% deposit) on the property, you would receive £40,000 (20% Equity Loan) to make up the rest of your deposit. You will then take out a 75% mortgage valued at £150,000.

 

Help to Buy in Manchester – Do you qualify?

As a Mortgage Broker Manchester that has helped many Help to Buy applicants in the past, we want to try and help you through your Help to Buy needs.

 

Once you book your free mortgage appointment with a Mortgage Advisor in Manchester, we can check to see whether you qualify for Help to Buy in Manchester. Here are the requirements:

 

  • This must be your first property purchase
  • You must be at least 18 years of age
  • You can only buy a newly built home up to the value of £600,000

 

Typically, most lenders will also want you to have a good credit history. Lenders need to be certain that they are lending to a reliable applicant who is not going to fall behind on their mortgage payments.

 

Help to Buy in Manchester – Shared Ownership

The second Help to Buy scheme is Shared Ownership. This scheme allows homeowners to purchase a percentage of a property and then rent the remaining.

 

To access this scheme in Manchester, you will have to purchase between 25%-75% of the property. Depending on the Housing Association/Builder that owns the property, you may be able to own as little as 10% of the property. You may get the opportunity to increase the percentage that you own the further that you get into your mortgage term.

 

Help to Buy in Manchester offers a new, modern way to get onto the property ladder. You have two options, you can receive help with your deposit and take out a 75% mortgage on a new build or you can own a percentage of a property if you are unsure on whether you want to commit to owning the whole of a property.

 

For Help to Buy Mortgage Advice in Manchester, get in touch with our team by booking a free mortgage appointment online. We have Help to Buy Advisors in Manchester available 7 days a week to answer all of your questions regarding the schemes and the process.

 

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Providing you Expert Help to Buy Mortgage Advice in Manchester

Our Help to Buy Mortgage Advisors in Manchester will be able to review your mortgage scenario and check whether you are able to access these schemes. They will still follow the usual mortgage process, where you will have to provide your bank statements, payslips, P60 and identification to continue your Help to Buy process.

 

There are pros and cons to Help to Buy schemes, sometimes it may be more beneficial for you to take out a regular mortgage route. The schemes were designed for struggling first time buyers, not for people who can afford to take out a regular mortgage.

 

If you are a first time buyer in Manchester that is interested in one of the schemes, feel free to get in touch with our team. We have Mortgage Advisors in Manchester, available 7 days a week and you can book an appointment during the morning and evenings.

Help to Buy in Manchester Explained by MoneymanTV

 

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

Why should you choose us as your Mortgage Broker in Manchester?

If you’re looking for a Help to Buy Mortgage Broker in Manchester, you have come to the right place. We have been helping home buyers and owners for over 20 years now! Across these years, we have learnt the ins and outs of the Help to Buy schemes and will be able to check whether you qualify for them.

 

As a Mortgage Broker in Manchester, we’re always open and honest. If you don’t qualify for any of these schemes and it would be more beneficial for you to take on a regular mortgage, we will advise you to do so. We will also try and find you the best rate for your personal and financial situation if you end up going down this route.

 

Take a look at our 5-star customer reviews and see how we have helped others. Customer care is at the heart of Manchestermoneyman, we will always put the customer first to ensure that they get the best service possible.

 

We deliver Mortgage Advice in Manchester 7 days a week. You can also pick an appointment at a time that best suits you. Put your family and work arrangements first and then book in your free mortgage appointment online! Our fast and friendly mortgage advice service is made for you, to give you a stress-free mortgage experience.

 

We can search through 1000s of mortgage rates and products. In Manchester, we have access to a large panel of lenders who offer both specialist and high street mortgages.  It’s your Mortgage Advisors in Manchester who will try and find the perfect deal for you. Once they have your details and have found a deal that matches your situation, they will be able to progress your application and help you send it off to the lender.

Reviews Stars4.96 Rating373 Reviews

Common mortgage
questions

You will typically need to have at least 5% of your new build properties sale price in Manchester. The Government will then loan you up to 20% of the value of that property.

Your free initial mortgage consultation in Manchester will last roughly one hour. A dedicated advisor will then recommend a mortgage for you, with no obligation to accept and go forward and proceed with the mortgage in question, if you decide that it is not for you.

As trusted Mortgage Advice professionals in Manchester, we will carry out a Fact Find to establish your personal needs before we go ahead with recommending the most suitable mortgage for your situation. From there you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer.

We recommend you obtain an Agreement in Principle prior to property viewings in Manchester, in order to avoid potential disappointment. At the very latest we would suggest that you obtain one before you make any offers, to put you in a better bargaining position. As a dedicated Mortgage Broker in Manchester, we are typically able to obtain an agreement in principle within 24 hours.

Generally speaking, an Agreement in Principle will last for between 30 and 90 days, depending on the lender that is used. If your Agreement in Principle expires before you can make use of it, it can be easily refreshed by speaking to your advisor.

If you’re looking to achieve something like debt consolidation or home improvements, you may be able to place a second mortgage on your home. If you’re looking to use it for yourself, a family member, a holiday home or a Buy to Let, a second mortgage on that property may also be an option.

If you have struggled with credit problems in the past, you may still be eligible for a mortgage, though a lender may possibly require you to put down a higher deposit than expected. This can be something like 15% of the property purchase price.

Submitting at least one year’s accounts moves you along the process, allowing for you to potentially obtain a mortgage in Manchester. Most lenders will utilise your salary plus dividend to calculate the maximum mortgage amount you are eligible to borrow, whereas some other lenders will go off your net profit.

In order for an employee to prove their income, it’s usually 3 payslips and the last 2 years’ accounts if you are self-employed. You will also need to provide some proof of ID, address and the last 3 months’ bank statements.

The free initial mortgage consultation that we offer generally lasts up to around an hour. We are then able to turn around an agreement in principle within 24 hours of that appointment. A formal mortgage offer takes, on average, somewhere around three weeks.

We make it so easy!
Our 4 step process

Step 1

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

Step 2

Enjoy finding your dream home in Manchester

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.

Handy quick links

Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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