Help to Buy Mortgage Advice in Coventry Across All Schemes
The Help to Buy Scheme is a popular mortgage scheme that we regularly come across when working with first time buyers in Coventry who need a bit of help.
When you enlist the help of a dedicated mortgage advisor in Coventry, you will benefit from the many years of experience we have of helping customers in getting over as many hurdles as possible, enjoying as stress-free of a service as we can provide.
One of our trusted and hard working mortgage advice team will be on hand to offer help and support throughout your whole mortgage process, making sure that you always know what is going on.
Your designated mortgage advisor in Coventry will always be there on the end of the phone to help you out if you need them, aiming to give you a more in-depth understanding of the Help to Buy Scheme that you are about to undertake. We will always have the best interests of the customer at heart.
Having Coventrymoneyman working by your side can be an incredibly beneficial thing to have, especially when you encounter hurdles that require some much needed guidance and support during your mortgage journey.
How does the Help to Buy Equity Loan Scheme work?
This is a scheme that has been set up to help out first-time buyers. Previously it was available to existing homeowners looking to move home, though as of April 2021 this is no longer the case as they have remodelled the scheme. Here are a few important and notable facts about the Help to Buy Scheme:
– You will require a minimum of 5% deposit
– Up to 20% of the property’s value will be treated as an equity loan from the government
– The balance will be covered by a special Help to Buy mortgage.
How do you qualify for the Help to Buy scheme?
A member of our team will be able to advise as to your eligibility to qualify for this scheme, as a part of our mortgage advice service. Help to Buy Equity Loans can only be used by first-time buyers in Coventry on new-build properties, with the max values depending on where you live. Check the government’s OwnYourHome website for more on this.
The terms and conditions of a Help to Buy in Coventry specify that you are not permitted to own any other property. This means, for example, you cannot buy a second home with a Help to Buy in Coventry. Part-exchange and sub-letting is also something you are strictly prohibited from doing.
Help to Buy Shared Ownership
By taking out a mortgage using the Help to Buy Shared Ownership Scheme, you can instead opt to buy a share in a property. Typically this percentage is between 25% and 75%, however, on some occasions, a mortgage lender may let you purchase as low as 10%. The remaining amount is paid back to your local authority as a rental charge.
If you are not quite able to afford the mortgage on 100% of a home, a Help to Buy in Coventry using Shared Ownership allows you the chance to buy a share of your home, rather than the full cost. At a later date, if you come into some further income, you may be able to increase your shares until you own the full amount.
As an expert, reputable mortgage broker in Coventry, we are able to provide our customers with mortgage advice in Coventry for a Help to Buy in Coventry, regardless of which scheme. Book a free mortgage appointment today and we’ll see how we are able to help.
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