Are you looking for a help to buy mortgage? Well, you are in luck as our team can help you to find a property that will get you on the property ladder. The help to buy scheme is designed to get people onto the property ladder who otherwise might not be able to afford it so easily. The scheme must be used to buy a newly built home. You borrow a minimum of 5% from the government, but you can borrow a maximum of 20% of the full purchase price of the property. You must buy your home from a home builder to qualify for the help to buy mortgage. The price of the property you can buy depends on where you are buying in England. If you are buying here in the south our price caps are 437,600 pounds for the south-east and 349,000 pounds for the south-west.
The equity loan, your deposit you have saved, and your repayment mortgage cover will cover the total cost of buying your newly built home. The percentage you borrow is based on the market value of your home when you buy it. On the loan, you don’t pay any interest for the first five years. You will start to pay interest in year 6, on the equity loan amount you borrowed. These payments are interest-only so you don’t decrease the amount you owe the government. You can pay all or part of your equity loan at any time. A part payment must be at least 10% of what your home is worth at the time of repayment.
When you are looking to buying your first property it is a good idea to be saving as much as you can each month so you can get a bigger deposit. Reducing your outgoings each month will really help you get a good mortgage as you won’t be tied down to costs each month that otherwise could go towards the mortgage. Making sure you are debt-free or reducing your debt as much as possible will help to show the mortgage lender that you can repay the money you owe and not let the debt accumulate. Receiving a regular income and in possession of a clean credit score will also help you to be sure your mortgage application will be accepted.
We are a professional finance broker with offices in Poole, Dorset. Providing mortgages for everyone. Barrett mortgages was set up by founder Darren Barrett in 2009; During some of the hardest market conditions, the industry has seen. The unparalleled, clear, trustworthy, honest and upfront service offered by us has meant our business has thrived during these times; This is where clients have needed more individual and specialist help.
Our staff are all fully qualified, experienced and are chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics; We have built a strong reputation which is important as we rely heavily on referrals from clients.
If you are interested in any of our services or advice, please make sure you get in contact with us for your help to buy mortgage.