Help to Buy Mortgage Advice in Coventry

Help to Buy Mortgage Advisor in Coventry

Help to Buy in Coventry

If you have never been through the home buying process before, it can be quite stressful and can get quite complicated. This especially applies if you are doing everything on your own. This is where your Mortgage Broker in Coventry steps in and helps you out.

There are a lot of different Help to Buy schemes available for you out there in the huge world of mortgages. However, it’s qualifying for a scheme that matters and you will realise that you won’t meet every single one. Help to Buy mostly applies to First-Time Buyers and Home-Movers in Coventry purchasing a Newly Built Property.

You can go to Helptobuy.gov for more Help to Buy Mortgage Advice

Help to Buy Mortgage Advice in Coventry

There are quite a few different Help to Buy schemes out there, the most common one used is the Help to Buy Equity Loan. It was brought in to help First-Time Buyers and Home-Movers in Coventry buy a new home. No matter what property you are purchasing, the lender usually requires a minimum of a 5% deposit. Here are some facts about the Equity Loan Scheme:

  • You will need a minimum of a 5% deposit
  • Up to 20% of the property’s value is an equity loan from the Government
  • The rest is taken out as a Help to Buy Mortgage. I.e. 5% deposit, 20% equity loan, 75% mortgage

Here is an example from the official Help to Buy website of a home with a £200,000 price tag and how much the government would loan you:

Help to Buy: Equity Loan scheme Example

Help to Buy – Do you qualify?

Before we start the Help to Buy mortgage process with you, we need to check whether you qualify for any of the schemes available. If you want to know more about the schemes out there, all you need to do is contact one of our Amazing Help to Buy Mortgage Advisors in Coventry. For example, the Help to Buy Equity Loan is only available to newly built homes up to the value of £600k. Remember, you have to be either a First-Time Buyer or Moving Home in Coventry. It relies on the property and you to meet the scheme’s criteria.

You must not own any other property at the time you buy your new home with a Help to Buy Equity Loan. Also, you need to remember subletting and part-exchange is not allowed.

Why should you choose us as your Mortgage Broker in Coventry?

We have been in the mortgage business for a very long time now. We can’t wait to share all of our experience and mortgage knowledge with you. A Mortgage Advisor in Coventry at Coventrymoneyman will sit down with you and discuss all of your Help to Buy options and recommend to you the best route to take based on your personal situation. Get in touch with your local Mortgage Broker in Coventry today and receive a Free Initial Mortgage Consultation.

Help to Buy Schemes Available in Coventry

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