Help to Buy Mortgage Advice – ALL Schemes
Help to Buy Mortgage Advice by Nottinghammoneyman –
Experienced LOCAL Mortgage Broker
Since the introduction of the Governments Help to Buy scheme in October 2013 there has been an increasing number of first time buyers getting on, and second time buyers moving up the property ladder.
Overall, confidence in the housing market seems to be increasing, also, there seems more activity in the mortgage market.
The video below is from the Helptobuy.gov website and explains the Help to Buy Scheme well …
Please contact us to see if you qualify for the scheme … (Call / E-Mail / Text)
Q. How does the Help to Buy: Equity Loan Scheme work?
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.
Example: for a home with a £200,000 price tag
If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
For more information (including advice on fees and paying back your loan) please download our Help to Buy Buyers’ Guide (PDF).
To see if you qualify for the scheme or to apply then please get in touch.
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