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Help to Buy2020-09-14T13:37:18+01:00

ADVICE ON HELP TO BUY

If you’re struggling to collect a deposit in order to qualify for a mortgage, the Help to Buy option may be for you. With as little as 5% deposit, this government-backed scheme could allow you to receive up to 20% of your property value from the council. The Help to Buy scheme is available to you whether you are a first time buyer or an existing home owner, and you could get the financial boost that you need in order to take your next step with our expert advisers.

Help to Buy Scheme – all you need to know

Our expert help to buy advice can assure you will get everything you need to secure your dream home in no time. So how exactly does the Help to Buy scheme work? This depends on what you are looking to do. If you are looking to buy a new build property, you can be eligible for this scheme. This means that combining your 5% deposit and the government’s 20% equity loan, you yourself will be handing over 35% of the property value. Therefore you will receive a better offer from lenders. At Southern Mortgages, we will offer the advice and support you need in order for you to feel comfortable during the mortgage process and confident in what you are looking for. There are a few things to bear in mind if you are thinking of going forward with a help to buy mortgage. Therefore some of these aspects include the fact that you will not be able to rent out your new property and you cannot own another property at the time of purchase. To find out more about our help to buy mortgages, get in touch.

HOW DOES HELP TO BUY WORK?

New Build

If you are looking to buy a new build property, you could be eligible for the Help to Buy scheme. Combining both your 5% deposit and the government’s 20% equity loan, you will be handing over 25% of the property value, meaning you will receive much better offers from lenders.

The Equity Loan scheme only applies to properties valued under £600,000, and there is no interest fee on the loan for the first five years. If you think you may qualify for a Help to Buy scheme for your new build home/flat, talk to us today and see how we can help.

Do's & Dont's

There are a few things to bear in mind if you are thinking of going forward with a Help to Buy mortgage. You will not be able to rent out your new property, nor can you own another home at the time of purchase.

You should also consider the options you will have once you come to sell your new build home in the future. Not only do you have to pay back the full loan amount of the initial 20%, you are also obliged to pay a percentage of any profit your property has made with house inflation. Despite this, the 20% deposit help at the beginning of your process, and the opportunity to secure your new home can outweigh this more often than not. If you’re interested in what the scheme could do for you, get in touch today and let an expert adviser give you the advice you need.

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Speak to an Adviser

01702 746811

Our Hours

Mon – Fri 09:00 – 17:30 Sat 09:00 – 12:00

Get in Touch

Questions about Help to Buy

The Help to Buy process is never straight forward, so don’t worry if you still have some questions to ask. Take a look at our handy FAQs and, if you can’t find what you’re looking for, give us a call today.

What type of mortgage can I get with a Help to Buy scheme2020-06-03T12:16:26+01:00

Lenders only offer repayment options on Help to Buy schemes, to ensure payments are received. You can pay off the loan at any time within a 25 year limit, unless you sell your house first, in which case you will need to repay the loan when you sell.

Will I have to save for stamp duty too?2020-06-03T12:15:34+01:00

Yes, all Help to Buy schemes incur Stamp Duty fees. The good news is that, if you are a first time buyer, you are exempt from these fees as a result of recent changes to the law.

Can I use my current home as a part exchange?2020-06-03T12:14:59+01:00

Unfortunately not, as building companies are unable to accept existing homes as a part exchange deal. If you’re unsure what to do next regarding your deposit, give us a call today and see how we can help.

REQUEST A CALLBACK

If you would like to speak to one of our mortgage advisers and see how we can help you with a stress free mortgage, or you would like to discuss our range of loans or insurance cover, complete the contact form and we would be happy to call at a time that is convenient to you. Alternatively, simply request a reply by email if you prefer and we will get in touch with you.

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