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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