Help to Buy Dorset

The Dorset coastline has long been a sought after place to live. From budding palaeontologists who spent their holidays at the Jurassic Coast to those simply looking to settle down. Yet, for those who have grown up in the area, getting on the property ladder would have been a distant dream. That was before Help to Buy was introduced. Now, hard-working people like yourself might be able to use the Help to Buy scheme to settle down in Dorset.

Help to Buy has helped in excess of 195,000 people realise their dream of owning a new home.

We make it as easy as one, two, three . . .

  1. Reach Out – Contact one of our friendly team members
  2. Consultation – We’ll discuss goals and offer impartial advice
  3. Solution – Our bespoke approach helps find optimal lenders

What is a Help to Buy Dorset?

Help to Buy is a government-backed scheme implemented to help more people across the UK become homeowners. They can purchase a Dorset home with as little as a 5% deposit. We’ll run through some of the simpler questions you might have. However, if we don’t answer yours then please don’t hesitate to reach out and get in touch. We understand that getting onto the property ladder can be a daunting prospect with an awful lot of conflicting advice out there!

  • So Help to Buy Dorset is just to help you step onto the property ladder? Not exactly. Contrary to popular belief, Help to Buy is available for first-time buyers and existing homeowners. In fact, it’s primarily geared towards selling new-build homes
  • What’s this about a 20% Equity Loan? Help to Buy offers an equity loan of up to 20% of the property value. This must be repaid within 25 years. In England and Wales, you won’t be charged loan fees until your 5th year
  • So, I can get a mansion? Well, I guess that depends on where you look! The maximum purchase price with the Help to Buy scheme varies. It’s £600,000 in England, £250,000 in Scotland, and £300,000 in Wales
  • But I can get any old house, right? Sadly, no. Help to Buy is for new builds only (so you there’s no getting Athelhampton House!). The property must also be occupied by whoever has taken out the mortgage

So, that’s the basics but . . . How can Barrett Mortgages help you?

There’s an awful lot of conflicting advice out there – but this isn’t our first rodeo. Our advisors can assist you throughout the whole process. Provided you’ve raised enough to put down a deposit of 5%, we’ll aim to make you a qualified purchaser and a desirable buyer for any estate agents in Dorset. Our friendly team have a wealth of experience dealing with:

  • Initial contracts
  • Finding out how much you can borrow
  • Getting a breakdown of the costs involved
  • Obtaining an agreement in principle

From there, the government will lend up to 20% of the purchase price of the property. So your mortgage would only need to cover the remaining 75%. The mortgage guarantee scheme essentially insures a part of the mortgage with the government. This means that your lender is guaranteed to get part of their money back even if you become unable to make repayments.

Our top tips

To help you on your way, we want to offer our top tips on how you can get your foot onto the property ladder. We tend not to dish out any trade secrets – so we’ll keep the best tips behind closed doors – but for now, here are some great things to bear in mind:

  • Put down a big deposit – This reduces the amount of money you have to borrow in the long run. Which in turn will reduce monthly payments and make the lender less susceptible to changes.
  • Get your parents involved – Not everyone has this luxury but family can be a big help. Older people have had longer to accrue savings and may be willing to act as guarantors for younger people that they trust.
  • Seek objective advice – This is a universal top tip. If you become too focused on one goal, tunnel vision can set it and obscure what’s really happening. Get a second opinion – and maybe even a third or fourth!
  • Compare and contrast – We source from a suite of lenders to ensure your mortgage is suited to your individual circumstances. Doing it alone? Make sure you know what you’re signing up for!

Get in Contact . . .

At Barrett Mortgages, our friendly advisors are always by your side when it comes to buying and mortgaging. We’re residential and commercial mortgage brokers who can help you find the best deal for your dream Dorset property. Have any further questions? Please feel free to get in touch by calling 01202 733809 or use our contact form. You are also welcome to pop into our office based nearby on Ashley Road in Poole, Dorset.