Help to Buy Mortgage Advice in Doncaster Across All Schemes
The Help to Buy Scheme is always a mortgage option that is incredibly popular amongst first time buyers, but also can often have its own set of challenges.
By having a hard working and experienced mortgage advisor in Doncaster on your side, you’ll find that we try to work through as many hurdles as possible, doing everything we can to give our customers an easier, stress-free process.
A member of our team will be here to guide you through every step of your entire mortgage journey, always keeping you informed with updates or changes to your case and anything else you need to be aware of.
We will always be ready and waiting to help you out our customers with their needs, always looking to give people a better understanding of the Help to Buy Scheme as we go.
We put our customers first and will always have their best interests at heart, supporting them in any way that we can.
Having Doncastermoneyman working on your mortgage for you is incredibly beneficial when you are finding it challenging and need a guiding hand through your mortgage process.
How does the Help to Buy Equity Loan Scheme work?
The Help to Buy Equity Loan Scheme was set up as a means of helping out first-time buyers. In previous years, this scheme was available to existing homeowners looking to move home, though back during April 2021 the scheme was remodelled and now is only available to first time buyers.
Here are a couple of different important facts you should know about the Help to Buy Scheme:
– You will be required to have at least 5% deposit.
– Up to 20% of the property’s value will be available to borrow as an equity loan from the Government.
– The mortgage amount will be supported by a special Help to Buy mortgage.
How do you qualify for the Help to Buy Scheme?
We will take a look at your situation and advise as to whether or not you have the eligibility to qualify for a Help to Buy Scheme, something included with our personalised mortgage advice in Doncaster.
Help to Buy Equity Loans will only apply to to new-build properties purchased by first time buyers in Doncaster, with a maximum mortgage amount that will vary depending on the area that you are purchasing your home in.
To find out more information on this and the figures per area, please take a look at the government Own Your Home website.
It is crucial to remember than under no circumstances can buy a second home with the help of this scheme. You are also prohibited from any part-exchange or sub-letting deals on your property.
Help to Buy Shared Ownership
In utilising the Help to Buy Shared Ownership scheme, you are able to purchase a share in a property.
We find that for the most part, the percentage that people buy into their property is around 25% to 75%, though on some specific occasions you may find yourself being able to purchase as small as 10% of the property. The remaining percentage will be paid back as a monthly rental fee.
If you don’t quite have the ability to afford the mortgage on 100% of a home, the government Help to Buy Shared Ownership Scheme offers home buyers the opportunity to only purchase some of it up front, potentially buying bigger shares down the line when they are able to afford doing so.
As a trusted and respected mortgage broker in Doncaster, we have an extensive knowledge of all the Help to Buy Schemes and can use this to help customers in a variety of situations.
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