Help to Buy Mortgage Advice
Help to Buy Mortgage Advice in Nottingham
Buying a new property can be intimidating but if it’s your first time, it can also be an exciting time for a First Time Buyer or home-mover. The Help to Buy: Equity Scheme could be a great step to help you purchase your new home.
If you’re looking into a Help to Buy scheme in Nottingham, we can assist you on where to go. Here at Nottinghammoneyman.com our experienced team will support you throughout the whole home buying process, from your initial enquiry right through to getting the keys. We will be by your side. It’s important to understand that, when buying a new build, things can be unexpected but we’re here to help.
Having a Trusted Mortgage Advisor in Nottingham on your side for reliable Mortgage Advice will be most beneficial for you and can lead to more positive outcomes – please don’t get fooled into thinking you have to do your mortgage with your builder when it comes to a Help to Buy scheme!
The video below is from the Helptobuy.gov website and explains the Help to Buy Scheme in more depth…
Please feel free to contact our friendly experienced team for more information and to see if you are eligible for the scheme. Our Mortgage Advisors in Nottingham are available and ready to answer all of your questions, 8am-10pm 7 days a week. If you do qualify, we can certainly look into your mortgage options and help you through the whole buying process.
What is the Help To Buy Equity Loan and how does it work?
With a Help to Buy: Equity Loan the Government contributes and 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.
The 20% equity loan is interest free for the first 5 years.
Example: for a home with a £200,000 price tag
Let’s look at the image above, and imagine that the house sells for £210,000. You would receive 80% from your mortgage and the cash deposit, you will then pay back the 20% loan. Also, you will be required to pay off your mortgage with your share of the money.