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Help to Buy Mortgage Advice in York

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Help to Buy Mortgage Advice in York Across All Schemes

The Help to Buy Scheme has provided the chance for First Time Buyers to get a step up on the property ladder. At present, there are other routes to choose from, subject to eligibility.

 

 

Being a Mortgage Broker in York, we can provide you with the information you need about these schemes and if any fit within your circumstance. There might be a possibility that there are other Help to Buy Scheme better suited for your situation.

 

 

As mentioned, it all depends on if you are eligible for the scheme that you like as you might find that you won’t fit within all the schemes. In order to know which schemes you are qualified for; our knowledgeable Mortgage Advisor in York can check if you are eligible for any of the schemes before you apply for anything.

 

 

The Help to Buy Loan Scheme was introduced to help stimulate the property market off the back of the credit crunch. The scheme previously benefitted First Time Buyers and homeowners looking to move. However, as of 2021, the scheme was updated by the Government and it is now only available for First Time Buyers.

 

 

Here are a few important facts about how the Help to Buy Scheme works:

 

– 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

 

-You will need to take a mortgage out for the remaining percentage.

 

 

How do you qualify for the Help to Buy Scheme?

Firstly, we will provide Mortgage Advice in York in order to see if you are eligible for the scheme, providing you with the tailor-made service we offer. The Help to Buy Scheme only applies to new build properties up to a maximum value which can change depending on the area you are looking to buy in England.

 

 

As mentioned in the name, this scheme means you can buy a share in a property with the percentage ranging from 25% to 75%. In some cases, you may be able to purchase as little as 10% however this depends on circumstances. You will pay rental charge on the remaining percentage.

 

 

We can provide Help to Buy Mortgage Advice across all schemes as your trusted Mortgage Broker in York. Our popular scenarios located below this page can provide you with common mortgage situation we have encountered with this scheme as well as more information.

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We’re Here to Provide You with Expert Help to Buy Mortgage Advice in York

Our hard working team can provide you with expert advice and guidance on the most appropriate option that works well with your financial and personal circumstances. Here at Yorkmoneyman, we provide an open and honest service that strives to make you feel happy, stress-free and well informed throughout your Help to Buy mortgage journey.

 

The difference between the Help to Buy Scheme and the Help to Buy Shared Ownership Scheme is that the Help to Buy Scheme allows you to buy a home with just a 5% deposit whereas the Help to Buy Shared Ownership Scheme deposits are usually lower compared to buying traditionally.

 

The Help to Buy: Equity Loan involves the Government lending you up to 20% of the cost of your newly built home, therefore you’ll only be required to have a 5% cash deposit and a 75% mortgage to make up the rest.

 

Get in contact with a Mortgage Advisor in York and get yourself booked in for a free mortgage appointment today.

 

How would I know I qualify for any Help to Buy Schemes?

Prior, to finding you the most appropriate mortgage for you, our team will need to have an idea of your circumstances to determine if you are eligible for any of the available schemes.

 

To find out more about the different scheme that are on offer, get in touch to speak with one of our hard working Mortgage Advisors in York today.

 

The schemes will potentially have their difference. For example, the Help to Buy Equity Loan is only available when used for newly built homes by a registered builder.

 

Another point you need to remember is that the scheme only applies if you are a First Time Buyer and you are eligible for the scheme.

 

As mentioned before, if you are looking to purchase your new home along with the Help to Buy Equity Loan you must not own any other property at that point. This goes for if you are subletting and part exchanging as this is also not allowed.

 

For more information about the Help to Buy Schemes that are out there. Have a look at the Government ownyourhome website.

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

With over 20 years of experience providing Mortgage Advice in York, we are here as your local Mortgage Broker in York to take you through the entire mortgage process from the initial enquiry to getting the keys to your new home, we will be there.

 

Here at Yorkmoneyman, we have had numerous customers come to us to speak with an open and honest Mortgage Advisor in York in regards to utilising the Help to Buy Scheme. We find being by the side of our customer providing them with the help and support they need can sometimes be reassuring.

 

In the case where you have already found your new home that you are looking to purchase which matches up with the criteria for getting a mortgage under the Help to Buy scheme, our team can look through the paperwork with you as well as talking with the home builder or estate agent on your behalf if needed.

 

As well as helping you out with your mortgage, we can help when it comes to surveyors or solicitors if you need them. We can provide advice there and give you information about the best route to go down.

 

The initial free mortgage appointment will involve your designated Mortgage Advisor in York getting to know your financial situation and what you are looking to achieve in order for you to have an idea of the amount you will be paying on a monthly basis for your mortgage deal.

 

We are available 7 days a week till late so get in touch with us today to book your free mortgage appointment where you can speak to one of our knowledgeable Mortgage Advisors in York who will provide you with the knowledge and help you need to get you through the mortgage process.

What our customers say

Common mortgage
questions

As your Mortgage Broker in York, we will start with a Fact Find. During this stage of the process, we will get a better view of your personal and financial situation which will help us when selecting a mortgage deal.

You will then have a credit check performed on you, this step is essential in order to obtain an Agreement in Principle. Once you’ve handed us all of the relevent documentation and a valutation of the property has been completed, a formal mortgage offer can be offered.

Your initial mortgage consultation will take around an hour, afterwards, we will try and arrange an Agreement in Principle for you within 24-hours of your consultation. The final step is submitting your application and waiting for a formal mortgage – this can take about three weeks.

As a Mortgage Broker in York, we always recommend trying to have an Agreement in Principle in place prior to viewing properties. An Agreement in Principle could put you in a position that would let you negotiate prices.

Your free initial mortgage consultation will approximately last an hour. During the consultation, we will ask you some questions and get a bigger picture of your personal and financial mortgage situation.

After the consultation, your dedicated Mortgage Advisor in York will begin searching for mortgage products, trying to secure you one that’s more competitive than your current rate. Once we find a product for you, it’s up to you whether you want to take the offer or not. If so, we can get the ball rolling and start the mortgage application submission process.

Yes, you can obtain a second mortgage in some cases. Whether it’s for home improvements, debt consolidation, for a Buy to Let or a holiday home, you should know that our Mortgage Advisors in York can help you with this.

You may find it slighter harder to get accepted for a mortgage with previous credit problems, however, it’s not impossible! The difference is that you may be asked to put down a higher deposit than usual, perhaps 10-15% of the property purchase price.

If you manage to submit at least one year’s accounts, you are able to get a mortgage. As a Mortgage Broker in York, we see that a lot of lenders use your salary plus dividend to work out the maximum mortgage amount that you would be able to borrow. We’ve also seen some lenders go off your net profit.

For a Help to Buy mortgage in York, you’ll need a minimum of a 5% deposit. On top of your 5% deposit, the government will loan you an extra percentage to make up a total of a 25% deposit. For example, if you had a 10% deposit, you would receive an extra 15%.

Here are all of the documents that you’ll need to support your mortgage application in York

  • Photographic ID (Driving license, Passport, etc.).
  • Proof of Address (Utility bills, tax bills, credit card statements, etc.).
  • Latest 3 months’ payslips & Latest P60 (employed applicants)
  • Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
  • 3 months’ bank statement proving the deposit being built-up with an explanation for any large credits.

Once you obtain an Agreement in Principle, it should last around 30-90 days. This will depend on the lender that you’ve used.

If your Agreement in Principle expires, you can easily renew it by contacting your Mortgage Broker in York or your lender.

We make it so easy!
Our 4 step process

Step 1

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

Step 2

Enjoy finding your dream home in York

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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Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2022 Yorkmoneyman

Yorkmoneyman, York Hub, Popeshead Court Offices, Peter Lane, York, YO1 8SU.

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