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Help to Buy Mortgage Advice in Coventry

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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 and Home-Movers 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 and Home Movers 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 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 (between 25% and 75% of the home’s value) 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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We search 1000s of mortgage deals across a large number of lenders, including:

Providing you with Expert Help to Buy Mortgage Advice in Coventry.

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.

 

Find out 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?

We have been in the mortgage business for over 11 years now and have helped provide many happy customers with expert help to Buy Mortgage Advice in Coventry. We can’t wait to share all of our experience and mortgage knowledge with you.

 

We are always recognised for our amazing customer service, we love offering our full support and guidance through the whole Help to Buy mortgage process. Our outstanding service is shown in our reviews from happy Coventrymoneyman customers on Reviews.co.uk.

 

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 Mortgage Broker in Coventry today and receive a free mortgage consultation.

What our customers say

Common mortgage
questions

You will need at least 5% of the sale price of your new build property in Covenrty. The Government will then loan you up to 20% to the value of the property.

Your free mortgage consultation with a Mortgage Advisor in Coventry will last approximately an hour. Once they have evaluated your situation, they will recommend a mortgage for you with no obligation for you to proceed. Based on the deal, you can decide whether or not you want to continue the process with us or not.

As a trusted Mortgage Broker in Coventry, we carry out a fact find to verify your needs before recommending you with a mortgage deal. After a Mortgage Advisor in Coventry has evaluated your situation, they will perform a credit check on you, this is required for an agreement in principle. Then after you have provided all of the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued.

We always advise that you obtain an Agreement in Principle before you start viewing properties in Coventry, to avoid disappointment. If you want to get yourselves a head start, you should get one prior to making an offer.

Typically, an agreement in principle lasts for between 30 and 90 days, however, this can change depending on your lender. If your agreement in principle expires, you can renew it quite easily.

Yes, you can get a second mortgage. Whether this is for debt consolidation or home improvements, this is possible. It is also possible to take out a second mortgage on a second property but only if it is own use, the use of a family member, a holiday home or a Buy to Let.

It will be harder but yes you can. You will have to show that you can afford a mortgage by putting down a higher deposit, perhaps 10% or 15% of the purchase price.

Yes, however, you must submit at least one years’ accounts. Most lenders use your salary + dividend to calculate the maximum mortgage, whereas other lenders could base it of your net profit.

If you are an employee, you will need to provide three payslips to prove your income. If you are self employed, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.

Our free mortgage consultation will take about an hour. Once this is one, we can arrange an Agreement in Principle for you within 24 hours. A formal offer takes up to three weeks on average.

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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.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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