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.
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.
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:
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.
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.
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.
Find out more information about the Help to Buy schemes available to you at OwnYourHome.gov.uk.
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.
4.96 Rating373 Reviews
Jemma
Amazing service from Matt & Louise from the very start. They’ve both been approachable, knowledgable & really helpful. As first time buyers with a 5% deposit, we didn’t have a clue where to start. We now have a mortgage offer...
James
Brilliant from day one! Jason was super quick to get in touch with us, really easy to talk to and very clear in his explanations etc. As first time buyers we weren't too sure on what to do and how it all works etc. We got the AIP fairly...
Louise
Amazing service. As first time buyers we did not know the process of purchasing a house and getting a mortgage. Jason Loft was very informative and always made himself available whenever we were unsure on something. They're very prompt with...
Anonymous
Great communications, they made the whole house-buying process a lot less daunting by explaining all the steps and helping out throughout the way. Highly recommended!
Chloe
Matt and Megan have both been fantastic and we couldn't have done this process without them. Always available to speak to us when we had any questions and kept us informed throughout.
Stephen
We were delighted with the level of service we received from Manchester Moneyman! Highly recommend!
Daniel
When it comes in terms of mortgage Manchester money man is the best network in the UK . YOU can't take it away from them. For TOM and MEGHAN you guys amazing ...You rock, thanks.
Charlotte
Our advisor was friendly, approachable, knowledgable and was obviously experienced. He explained everything in a way that we could understand and made sure he was available to answer questions even outside of normal work hours which was much...
Barbara
I can't recommend this service enough. Just had my mortgage agreed, and they've stayed in close contact throughout the process. I couldn't have done it without them as my circumstances were not straightforward being an older applicant...
Zuzanna
Manchester Moneyman has really made getting a mortgage seem quick, simple and stress-free. I would especially like to thank Dinah and Anna for being absolutely amazing in guiding us through this process, it has been surprisingly enjoyable and cannot...
Rachael
Manchester money man were a massive help with our mortgage application and the whole process. Jason was always fast at responding and talked us through the whole process of buying a house, which was incredibly useful to us as first time buyers!
James
Having Manchester Moneyman as our Broker was amazing, Dinah and Anna made the hole thing so kuchen easier for us and really helped us out when making the choices we made and ensuring that we had all our questions answered, Dinah would have regular...
Natalie
I couldn’t recommend anymore, Matt and Molly have been fantastic after months of obstacles from the bank and things not looking great with me being a single mum of two and a massive childcare bill, they didn’t stop or give up when it was...
Anonymous
Excellent service, very straightforward.
Anonymous
Great customer service and found us a great deal. Really helpful taking us through the whole process as first time buyers and where always on hand to help with any questions. Definitely recommend!
Anonymous
I recently used Manchester Moneyman to simultaneously help with a BTL remortgage and a residential mortgage. I found them to be very helpful, communicating the options to me well and keeping me informed of progress throughout. I would recommend...
Andrea
They are the best, It was my first time applying for a Mortgage and they explain everything, no delays, excellent customer service, I am happy I choose them to Advise us!! 100% recommend
Mary
Quick response. Service was really good. Can't fault it. I would definitely recommend
John
Malcom helped us turn around a mortgage application from scratch in a matter of days, meeting our tight deadlines, and helping us with great advice throughout the process. Very fairly priced for the service we received, couldn't recommend...
Karl
Excellent again
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.
