Help to Buy Mortgage Advice in London
Across All Schemes
The government introduced a new way to give applicants the extra boost needed to get onto the property ladder, this is known as the Help to Buy Schemes. There are multiple Help to Buy schemes available, the two most popular being the Help to Buy Equity Loan and Help to Buy Shared Ownership.
Help to Buy mortgages in London are open to eligible applicants who are planning to get a mortgage on a property but struggling to scrape together enough deposit to put down on a property. Lucky for those who looking to utilise the Help to Buy Scheme in London, you only need a minimum of 5% deposit to put down on a property.
You do have the ability to out down a higher deposit; you’ll often find that the more deposit that you put down opens you up top better mortgage deals. Our Mortgage Advisors in London will always be ready and waiting to help you out our customers with their needs, always looking to give people a better understanding of your Help to Buy in London as we go.
How does the Help to Buy Equity Loan Scheme work?
If you had a minimum of a 5% deposit, the government would loan you an extra 20% to make a 25% overall deposit. As long as your total deposit is 25% it doesn’t matter if you put more deposit down, for example, you can put down a 10% deposit and the government would then loan you an additional 15%, giving you a 75% mortgage.
How do you qualify for a Help to Buy in London?
We will take a look at your situation and advise as to whether or not you have the eligibility to qualify for a Help to Buy in Doncaster, something included with our personalised mortgage advice in London.
Help to Buy Equity Loans will only apply to new-build properties purchased by First Time Buyers in London, with a maximum mortgage amount that will vary depending on the area that you are purchasing your home in.
Remember that under no circumstances can buy a second home with the help of this scheme. You are also restricted from any part-exchange or sub-letting deals on your property.
Help to Buy Shared Ownership
In utilising the Help to Buy Shared Ownership scheme, you are able to purchase a share in a property.
We find that for the most part, the percentage that people buy into their property is around 25% to 75%, though on some specific occasions you may find yourself being able to purchase as small as 10% of the property. The remaining percentage will be paid back as a monthly rental fee.
If you don’t quite have the ability to afford the mortgage on 100% of a home, the government Help to Buy Shared Ownership Scheme offers home buyers the opportunity to only purchase some of it upfront, potentially buying bigger shares down the line when they are able to afford to do so.
As an expert Mortgage Broker in London, we have a vast understanding of all the schemes available for Help to Buy in London and can use this to help customers in different situations.
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