Since the introduction of the Government’s Help to Buy schemes back in 2013, the number of First-Time Buyers starting to climb the property ladder has increased. We’re very experienced in this area, we have a team of Help to Buy Mortgage Advisors in Manchester who are available from 8am-10pm, 7 days a week, so if you have any questions, don’t hesitate to call.
There are quite a few different Help to Buy schemes available, however, some are more popular than others. There is the Help to Buy Equity loan scheme and the Help to Buy Shared Ownership loan scheme:
With a Help to Buy: Equity Loan, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
If the home in the example above 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%). The mortgage would be paid off with your share of the money.
This scheme was brought in by the government to allow homebuyers to purchase a percentage of a mortgage then pay the rest back with rent. For example, you could buy a share of a home (which is usually between 25% or 75%) and then you will have to pay rent on the remaining percentage of the property value that you don’t own. This means that you have a share in the property, and this share percentage can be increased at a later date, people usually do this when they have more money.
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 some of the most common Help to Buy mortgage situations that we come across:
Get in touch with a Mortgage Advisor in Manchester and receive a free mortgage consultation.
Find out more information about the Help to Buy schemes available to you at https://www.ownyourhome.gov.uk/
As a Mortgage Broker in Manchester, 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 with regard to 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 exactly how much you will be paying each month.
As your Mortgage Advisor in Manchester, we are here to help you. Get in touch with us today and make a date for your free mortgage consultation.
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.
Give us a call and a Mortgage Advisor in Manchester will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Manchester
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.
