Help to Buy Mortgage Advice in Coventry
Across All Schemes
If you have never been through the home buying process before, it can be quite stressful and can get quite complicated, however, there are ways to help you, such as Help to Buy schemes. 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 in Coventry purchasing a Newly Built Property.
This is where your Mortgage Broker in Coventry steps in and helps you out. We can see if you qualify for any Help to Buy schemes and then recommend you with your bets Help to Buy options in Coventry. The two most popular Help to Buy schemes are the Help to Buy Equity Loan and the Help to Buy Shared Ownership.
Help to Buy Equity Loan
This scheme was brought in to help First Time Buyers in Coventry buy a newly built property. No matter what property you are purchasing, the lender usually requires a minimum of a 5% deposit, the same applies to the Help to Buy Equity Loan. Newly built homes usually have high price tags, this scheme allows you to receive up to a 20% loan on your new home meaning that your overall deposit is 25% of the property price. This leaves you with a 75% mortgage to pay off. You will not receive any interest fees on the 20% off the government during the first five years of your ownership of the newly built home. Although, if you have not paid off this 20% by the end of these five years, you will begin to receive interest on this loan until you manage to pay it off.
Help to Buy Shared Ownership
The Help to Buy Shared Ownership scheme usually allows you to buy as little as 25% or as much as 75% of a home and pay rent on the rest. If you are struggling to afford 100% the property’s price, the Shared Ownership scheme offers you the chance to buy a share of your home (again, typically between 25% and 75% of the home’s value, though this can be less) and pay rent on the remaining share. Further down the line, you could buy bigger shares when you can afford to.
Speak to a Help to Buy Mortgage Advisor in Coventry today and receive a free Help to Buy mortgage consultation, we can’t wait hear from you.
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