Help to Buy Mortgage Advice in Coventry | Help to Buy in Coventry

Help to Buy Mortgage Advice in Coventry

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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.

 

How does it work?Get a quote nowMeet your advisor

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Expert Help to Buy Mortgage Advice in Coventry

Our team of open, honest, trusted and caring mortgage advisors in Coventry will always work hard to help you across your mortgage journey, reducing your stress levels and making sure you are on the most suitable deal for what you are looking to achieve.

 

A Help to Buy in Coventry allows for first time buyers in Coventry to purchase a home with only a 5% deposit, whereas Help to Buy Shared Ownership deposits are typically much lower than buying in a traditional method.

 

With a Help to Buy in Coventry using the Equity Loan Scheme, the government will lend you up to 20% of the cost of your new-build property, so you will only need to put down a 5% cash deposit and obtain a 75% mortgage to make up the remaining amount. It is important to remember that this is only a loan.

 

Book online to speak with a mortgage advisor in Coventry and benefit from a free mortgage appointment.

 

Help to Buy in Coventry – Do I qualify?

Before we take a look at helping you to take out a Help to Buy in Coventry, we need to find out whether or not you are able to qualify for the available schemes that first time buyers in Coventry have access to.

 

If you would like to learn more about the types of schemes that you might be able to utilise, book online to speak with one of our expert Help to Buy mortgage advisors in Coventry.

 

The way the various mortgage schemes may differ, is that the Help to Buy Equity Loan is only available for customers who are purchasing newly built homes with a maximum amount that depends on the location you are looking to purchase.

 

Remember, you can only use a Help to Buy in Coventry if you are a first time buyer in Coventry. Your own personal circumstances as well as the property in question, will determine your eligibility.

 

You cannot purchase any other property when you buy a new home with a Help to Buy Equity Loan. Also, it is important to remember that subletting and part-exchange is strictly prohibited.

 

Learn more information about the Help to Buy schemes available to you at Gov.uk

Why should you choose us as your mortgage broker in Coventry?

As a fast & friendly mortgage broker in Coventry who has over 20 years of providing top tier mortgage advice in Coventry, we have an in-depth experience and knowledge of a wide variety of mortgage situations.

 

We regularly find ourselves helping customers who are looking to take out a Help to Buy in Coventry. Once you have booked online to speak with a dedicated mortgage advisor in Coventry, you’ll have someone working for you, offering guidance and support from your first contact until the end of your process and beyond.

 

If you have already decided that you would like to purchase a property and it is eligible for a Help to Buy in Coventry, we have the ability to take a look at the paperwork with you and even liaise with the home builder or estate agent if you would like us to do so on your behalf.

 

Additionally to that, we are able to help you to arrange any surveyors or solicitors, providing some advice on the right direction to head in with those and what you may need.

 

During your initial free mortgage appointment, your designated mortgage advisor in Coventry will spend some time with you, looking through all of the figures, so that you have a rough guideline of how much exactly you will be paying per month for your mortgage deal.

 

As an open and honest mortgage broker in Coventry, we will make sure that we are on hand to help you through every step of the mortgage process. Book your free mortgage appointment today and we’ll look to help you in any way that we can.

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Common mortgage
questions

Once your free mortgage consultation is complete, we can arrange an Agreement in Principle for you. We can usually get you one within 24-hours of your application.

We will then try and find you a perfect deal for your individual situation. If you want to proceed, we can get your mortgage application ready for submission. Once submitted, a formal offer usually takes more than three weeks.

To back up your mortgage application, you’ll have to provide some evidential documents. This will include things like ID, bank statements, your latest P60 and payslips.

Your dedicated Mortgage Broker in Coventry will go through every step with you to make sure that you get it right!

Yes, you can get a mortgage as a Self Employed applicant, however, you must be able to submit at least one years’ accounts. Not all, but most lenders will use your salary plus dividend to work out the maximum mortgage amount that you can borrow. Sometimes, lenders will also go off your net profit.

It may require you to try and obtain a specialist product, however, yes, it can be possible to get a mortgage despite having bad credit. As a Mortgage Broker in Coventry, in the past, we’ve seen lenders request 10%-15% deposits.

Yes, you can get a second mortgage in Coventry. Here are the most common reasons why people want a second mortgage:

– Debt consolidation
– Home improvements
– Buy to Let
– For a better deal
– Divorce/Separation

Even if your situation isn’t on this list, still feel free to get in touch and we will if we can help.

Usually, depending on the lender that you’ve used, your Agreement in Principle will last anywhere between 30-90 days. If your Agreement in Principle expires, you can easily renew it. If you get in touch with your Mortgage Broker in Coventry, they can arrange this.

Obtaining an Agreement in Principle (AIP) is a crucial part of the mortgage process. As a Mortgage Broker in Coventry, we advise that you get one prior to viewing properties.

Having an AIP in place nice and early could allow you to negotiate prices when making an offer. Of course, you will need to back up your affordability for a mortgage. You are only agreed in principle of providing evidential documents to support your application. Our team can help you with this.

The mortgage process can be made simple by using a Mortgage Broker in Coventry like us. Our mortgage process includes a simple fact find, a free mortgage consultation, then application submission. We can arrange an Agreement in Principle within 24-hours of all of this. We just need some evidential documents from you then we can get the ball rolling!

Your free initial mortgage consultation in Coventry will last around an hour. Firstly, your Mortgage Advisor in Coventry will get some information from you to find out about your mortgage needs and situation. Once we have some details from you, we can begin looking for mortgage deals.

Your dedicated Mortgage Advisor in Coventry will search through 1000’s mortgage deals, trying to find one that matches your personal and financial mortgage situation. If we find a deal, we’ll recommend you with the product. If you are happy to continue, we can get the ball rolling with your mortgage application.

To purchase a property in Coventry through the Help to Buy scheme, you’ll need a minimum of a 5% deposit. The government will top up your deposit to make up a total of 25%.

E.g. If you put down a 10% deposit, the government will loan you an extra 15%.

We make it so easy!
Our 4 step process

Step 1

Give us a call and a Mortgage Advisor in Coventry will recommend the best Help to Buy scheme based on your personal & financial circumstances.

Step 2

Enjoy finding your dream home in Coventry

Step 3

Make an offer on the property and once accepted, we will progress your mortgage application.

Step 4

We will be here to answer all of your mortgage questions right through till you get your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

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UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Coventrymoneyman

Coventrymoneyman – Sherbourne House, Humber Avenue, Coventry, CV1 2AQ

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