The Help to Buy Scheme is always a popular choice across the mortgage world, but also can come along with its own set of challenges.
When working alongside a dedicated mortgage advisor in Sunderland, you’ll find that we use our experience to help and try to make sure that we clear as many hurdles as we can and that it’s as stress-free and smooth as it can possibly be.
A member of our team will be there to help you throughout your entire mortgage journey, ensuring that you are always aware of what is going on.
We will always be at the end of the phone to help you out if we are needed, aiming to give you a deeper understanding of the Help to Buy Scheme as we go. We have your best interests at heart and are here to support you.
Having Sunderlandmoneyman working on your behalf is incredibly beneficial when you need someone to be on hand and guide you through your mortgage process.
This is a scheme that has been set up to help out first-time buyers. Previously it was available to existing homeowners looking to move home, though as of April 2021 this is no longer the case as they have remodelled the scheme. Here are a few important and notable facts about the Help to Buy Scheme:
– You will require a minimum of 5% deposit
– Up to 20% of the property’s value will be treated as an equity loan from the Government
– The balance will be covered by a special Help to Buy mortgage.
We will advise you as to whether or not you may be able to qualify for this scheme – this is all a part of our personalised service. Help to Buy Equity Loans apply to new-build properties, with the maximum value being completely dependant on the area that you live in. The exact figures for your location can be found on the Own Your Home government website. This scheme is designed only for first time buyers.
Part of the terms and conditions specify that you should not own any other property i.e., you cannot buy a second home with the help of this scheme. Part-exchange and sub-letting is also something that will not be allowed.
Help to Buy Shared Ownership scheme, you can buy a share in a property. The percentage is usually between 25% and 75%, however, on some occasions, you may be allowed to purchase as little as 10%. You then will pay back the remaining percentage through rent.
If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (usually between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.
As your expert mortgage broker in Sunderland, we are able to provide Help to Buy mortgage advice across all of the various schemes. Find out more information about Help to Buy Schemes available to you and the most common Help to Buy mortgage scenarios below.
Our honest and trusted team will always recommend the best available option for your financial and individual circumstances, doing everything they can to ensure that you feel happy, stress-free, well informed and secure through your entire Help to Buy mortgage journey.
A Help to Buy mortgage in Sunderland makes it possible to buy a home with just a 5% deposit whilst Help to Buy Shared Ownership deposits are typically much lower than buying traditionally.
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.
Get in touch with a mortgage advisor in Sunderland and receive a free mortgage appointment.
Before we begin looking at finding you a Help to Buy mortgage, we need to have a look at whether or not you qualify for any of the schemes that are available.
If you want to know more about the types of schemes that can potentially be utilised, get in touch with one of our hard working and easy to talk to Help to Buy mortgage advisors in Sunderland.
If we take a look at an example of how the schemes may potentially differ, the Help to Buy Equity Loan is only available when used for newly built homes with a maximum amount that depends on where you are looking to live.
Remember, you must also only be a first time buyer in Sunderland. Matching up to the criteria depends on your personal circumstances, as well as those of the property in question.
You must not own any other property when you are looking to purchase your new home in conjunction with a Help to Buy Equity Loan. Also, it is crucial to remember that subletting and part-exchange is something that is not allowed.
Find out more information about the Help to Buy schemes available to you at Gov.uk
As an open and honest mortgage broker in Sunderland with over two decades of providing expert mortgage advice in Sunderland, we have gained a lot of experience in working with all different types of customers and a wide variety of mortgage types.
This regularly includes those looking to utilise the Help to Buy scheme. Once you get in touch with a dedicated mortgage advisor in Sunderland, you’ll have someone by your side, from that initial first point of contact, all the way through until the end of your mortgage process.
If you have already found a new home that you are looking to purchase, and it falls within the criteria for taking out a mortgage under the Help to Buy Scheme, we will be able to take a look through the paperwork with you and even liaise with the home builder or estate agent on your behalf if necessary.
Not only will we be able to help you out with your mortgage, but if you are in need of any help with regard to surveyors or solicitors, we can also provide you with advice there and point you in the right direction, discussing what exactly you may need for that.
As part of your initial free mortgage appointment, your assigned mortgage advisor in Sunderland will take the time to go through all of the figures with you so that you have a rough guideline of the exact amount you will be paying on a monthly basis for your mortgage deal.
Please feel free to take a look at our genuine customer reviews and see why so many people choose us when looking to take out a mortgage using the Help to Buy Equity Loan Scheme.
As an open and honest, experienced and industry-wide respected mortgage broker in Sunderland, we are here to help and guide you throughout every step of your mortgage journey. Get in touch with us today and make a date for your free mortgage appointment.
For a Help to Buy, you will need to have at least 5% of the sale price of your new build property in Sunderland. The Government will then loan you an additional amount up to 20% of the properties value.
Your free initial mortgage consultation with a mortgage advisor in Sunderland will last round about one hour. They will then recommend a mortgage for you, wherein you have no obligation to proceed and you can decide whether or not that particular deal is something you’d like to go forward with.
As a trusted and well experienced mortgage broker in Sunderland, we will first carry out a Fact Find to establish your personal needs, before we begin searching and recommending the most suitable mortgage for you. A credit check will be required for an Agreement in Principle. A formal mortgage offer can be issued once you have provided all the relevant documentation and a valuation of the property has been undertaken.
To avoid any kind of disappointment with a property, we recommend you obtain an Agreement in Principle before you begin property viewings in Sunderland. We would say that at the very latest, you should obtain one before you start to make offers, in order to assist your bargaining position.
A standard Agreement in Principle typically lasts for around 30 to 90 days depending on the Lender. If your Agreement in Principle expires, you can get it easily refreshed.
You may have the option of getting a second mortgage on your home for things like debt consolidation or Home Improvements. This can also be possible if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.
If you have had credit problems previously in life, you may still have a chance at obtaining a mortgage, but you may be required to put down a higher deposit than usual. This could be be 15% of the property purchase price.
Once you have submitted at least one year’s accounts to the lender, you may be eligible for a mortgage. Most Lenders will calculate the maximum mortgage with salary plus dividend, whereas others sometimes go off your net profit.
A lender will usually need three payslips for an employee to prove income and the latest 2 years’ accounts for an applicant who is self-employed. You will also need to provide them with proof of ID, address and 3 months’ bank statements.
Your free consultation with a mortgage advisor in Sunderland will typically lasts up to an hour or so. We have the ability to turn round an agreement in principle within 24 hours. A formal mortgage offer has been known to take roughly about three weeks on average.
Give us a call and a Mortgage Advisor in Sunderland will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Sunderland
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.
