Help to Buy Mortgage Advice in Leeds Across All Schemes
The Help to Buy Scheme can be seen as an appealing option, however, it can be very challenging. With our experience as a Mortgage Broker in Leeds, we aim to overcome any surprising obstacles and reassure you that it’s not as daunting as you may think.
We will be the helping hand throughout the full process, updating you on what is going on and when. If you are looking for some advice or wanting any information clarifying, we are only a phone call away. We are here to support you through this time.
It can be very helpful to have a Mortgage Broker in Leeds, like ourselves, working with you through the full help to buy journey.
How does the Help to Buy Equity Loan Scheme work?
Below are a few facts about the scheme:
– It’s a requirement that you have a minimum of 5% deposit.
-This scheme is only for First Time Buyers.
-Approximately 20% of the property’s value will be treated as an equity loan from the Government.
-A special Help to Buy mortgage will cover the balance.
How do you qualify for the Help to Buy Scheme?
Firstly, we will confirm if you are qualified for the scheme or not based on your circumstances. Help to Buy Equity Loans only apply to new build properties. When it comes to a maximum value, this all depends on where you live. Again, it’s important to know that only First Time Buyers in Leeds can qualify.
It’s stated within the terms and conditions that you should not own more than one property so buying a second home with the help of this scheme is not allowed. As well as this, you can not part-exchange or sub-let.
Help to Buy Shared Ownership
When it comes to the Help to Buy Shared Ownership Scheme, you would have the option to purchase 25% or even more to 75% of a home and pay rent on the rest. In some instances, you may be able to purchase as little as 10%. Help to Buy: Shared Ownership provides you with the option to buy a share of your home (usually 25% and 75% of the home’s value) and pay the remaining share through rent. This is very beneficial if you are struggling to afford the mortgage on 100% of a home.
At Leedsmoneyman, we will be able to provide expert Help to Buy Mortgage Advice across all the schemes. Below, is more information about Help to Buy schemes and the most common scenarios when it comes to Help to Buy.
For more information (including advice on fees and paying back your loan), please download our Help to Buy Buyers’ Guide (PDF).
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