Are you looking to buy your first home, but you just can’t get that 10% deposit required? Help to buy homes in Dorset can help you. With the help to buy scheme you only need to acquire 5% of the property, you want to purchase and the government will lend you up to 20% of the full purchase price of a new build. The main aim of the help to buy scheme is to make mortgages more affordable for newly built properties. As young people may not have a large deposit amount to their name, this makes the scheme a perfect opportunity for people who want/need to purchase a home. To be eligible for this loan you must purchase your home from a registered home builder, be 18 years or over, a first-time buyer and not over the purchase limit within your region.
When you are thinking about purchasing a property you will need to be saving monthly towards a deposit no matter how big your deposit will be you will ideally need to get in the rhythm of having a large sum coming out of your account each month. Reducing your outgoings will also have a massive benefit to you as not only will it free up funds to put towards the property but it will also show the lender that you are able to pay for the monthly repayments. Reducing your debt will also help you in your application for the mortgage as it shows that your priority will be to paying the monthly repayments and not a loan or credit card debt you need to pay back.
When you are going to purchase a property a bigger deposit is better, even though the scheme doesn’t require you to have a massive deposit it is always better if you can put more down onto the property. It will also help bring the repayments down as well as you don’t need to take out as much of a loan from the mortgage lender.
If you like the advice we have given you on this page and want to know more about how to get onto the property ladder in the most efficient way, please get in contact with us. At Barrett Mortgages we are a professional finance broker with offices in Poole, Dorset. We don’t only provide a service for first-time buyers but for people who need advice and guidance on self-employed mortgages, buy to let mortgages, remortgaging and insurance products. We were set up by founder Darren Barrett in 2009, during some of the hardest market conditions the industry has seen.
Our unparalleled, clear, trustworthy, honest and upfront service offered by us has meant our business has thrived during these times when clients have needed more individual and specialist help. All of our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers.