Help to Buy in York

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What is a Help to Buy in York?

The concept of Help to Buy originated in the 2010s as a replacement for the previous FirstBuy Scheme, both introduced by the UK government. It aimed to consolidate various new and existing programs under one umbrella to facilitate the entry of first time buyers into the property market, making it more accessible.


Over time, some of the schemes under this framework were discontinued, but others continued without the Help to Buy branding. Notably, the Help to Buy Equity Loan Scheme gained immense popularity but closed its doors to new applicants in late 2022, affecting first time buyers in York and across the UK.


The end of this particular scheme does not imply an absence of support for aspiring homebuyers, however. Thankfully, there are still several alternative schemes available to provide assistance to those looking to purchase a property in York.

How Mortgage Schemes Can Help to Buy a Home

Purchasing a home in York, whether you’re a first time buyer or moving house, can be a daunting and complex process. It’s understandable that such a significant financial commitment comes with challenges and uncertainties.


Factors like high property prices, limited income, the need for a substantial deposit, and meeting specific criteria can make the journey difficult. Mortgage schemes exist to alleviate these concerns and make homeownership more attainable.


There are various options to explore, tailored to different circumstances. Some schemes specifically target lower-income earners, offering support from housing associations and local councils. These options provide opportunities to achieve your goal of owning a home in York.


It’s important to note that not all schemes will be suitable for every situation. Some schemes are designed to help first time buyers in York, while others cater to individuals who are moving house in York.


Each scheme has its own set of criteria and eligibility requirements that must be carefully reviewed before applying for a mortgage. In some cases, you may need to work with a local Help to Buy agent, while a mortgage advisor in York can provide invaluable guidance and help you navigate the available options.

Useful Mortgage Schemes That Help to Buy in York

There are several well-known schemes aimed at helping home buyers, catering to both first time buyers and those looking at moving home in York.


The Shared Ownership Scheme is a popular choice that provides support to individuals in York, allowing them to purchase a share of a property. This scheme is accessible to both first time buyers and home movers.


For local authority tenants in York, the Right to Buy and Right to Acquire Schemes offer opportunities to purchase their rented homes, providing a path to homeownership.


While you may be familiar with these schemes, there are others you may not be aware of, such as the Lifetime ISA, first homes scheme, and Forces Help to Buy. Each scheme has specific eligibility requirements and criteria that must be met before applying.


It’s important to note that meeting the requirements alone doesn’t guarantee that a particular scheme is suitable for your situation. This is where the expertise of a dedicated mortgage advisor in York becomes invaluable.


A mortgage advisor in York will thoroughly assess your circumstances and explore all available options. They will provide valuable advice, including suggesting alternative routes that may better align with your goals.


By booking a free mortgage appointment with a trusted mortgage broker in York, you’ll gain access to comprehensive information about potential schemes and alternatives that can benefit you as a first time buyer or home mover.


Your mortgage advisor in York will guide you through the various options, empowering you to make well-informed decisions about the best course of action for your specific needs.

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What is shared ownership?

The Shared Ownership Scheme has been a valuable source of support for first time buyers and home movers in York since the 1980s, helping them on their journey towards property ownership.


Also known as “part buy, part rent,” Shared Ownership in York allows individuals to purchase a share of a property, typically ranging from 25% to 75%, though the specific share can be lower depending on the mortgage lender. The remaining portion is paid as a rental charge.


This arrangement offers both flexibility and stability for home buyers, making homeownership a much more affordable and achievable option. One of the significant benefits of Shared Ownership is the possibility for homeowners to “staircase” in the future, meaning they can purchase additional shares in the property over time until they reach full ownership.


It’s important to keep in mind that Shared Ownership is limited to specific purpose-built properties that meet the requirements and guidelines of the Shared Ownership Scheme. These properties are carefully selected to align with the scheme’s objectives and provide an optimal homeownership experience for participants.

Can I buy my council house?

Many individuals find themselves renting before they can become homeowners, believing it to be a more affordable option. The reality, however, is that rental expenses, bills, and other regular outgoings often make it challenging to save enough for a home deposit.


If you’re currently renting and wish to purchase the home you’re living in, there is good news – you may be eligible to do so!


If you’re renting from a local council or housing association, you might qualify for the Right to Buy or Right to Acquire schemes, respectively. To be eligible, you typically need to have been a public sector tenant for at least three years.


Qualified applicants can benefit from a discounted purchase price, with the amount of the discount based on the length of your tenancy. Many mortgage lenders also consider this discount as a sufficient deposit.


While this discount may cover the deposit requirement in some cases, it’s still advisable to save for a deposit. Some mortgage lenders may still require a deposit, and having one can grant you access to more favourable interest rates.


If you’re a first time buyer looking for help to buy in York, reach out to your local authority, who owns the property, to determine your eligibility for the Right to Buy Scheme. They will provide you with the necessary information and guidance on a scheme that can help you achieve your homeownership goals.

Are 5% mortgages still available?

It is still possible for home buyers to secure a mortgage with a 5% deposit, provided they meet the mortgage lender’s criteria and demonstrate creditworthiness.


In the past, mortgage lenders were hesitant to offer high loan-to-value ratios, leading to the creation of mortgage schemes aimed at encouraging 95% mortgages with additional safeguards.


While these schemes may still benefit niche cases, most mortgage lenders today are open to applicants with a 5% deposit. It can be advantageous for both the lender and the applicant if the deposit is slightly higher.


Individuals with a poor credit history or lower income may be required to have a higher deposit of around 15-20% before they can be approved for a mortgage.


Saving for a deposit can be challenging, especially when aiming for more than 5%. This is particularly true for first time buyers in York who are looking to transition from rented accommodation. To address this, schemes supporting 95% mortgages were introduced to help those aiming for the minimum deposit.


Your mortgage advisor in York will carefully assess your financial situation and find a suitable mortgage lender who can help you in buying a home in York, even with a smaller deposit.


They will be transparent and provide you with all the necessary information regarding any specific home buying schemes that may be beneficial to you.

Does Help to Buy have to be a new build?

If you’re familiar with the Help to Buy Equity Loan, you may remember that the scheme was exclusively available for new build properties. With the conclusion of that scheme, however, most other home buying schemes are no longer limited to just new builds.


For individuals looking to purchase a new build property in York, there are still schemes specifically tailored to such situations. One of these schemes is designed to help local first time buyers in York.


Qualified buyers of new builds may have the opportunity to purchase at a discounted price. It’s important to note that if you decide to sell the property in the future, you will be required to offer a discount on the sale price as well.


This approach aims to promote an affordable home buying chain for future generations. It’s important to understand that not everyone will meet the eligibility criteria for these schemes.


Your trusted mortgage broker in York will carefully assess your circumstances and provide recommendations based on the best available options for you. They will guide you through the process and help you navigate the various schemes to find the most suitable one for your needs.

Can you get a mortgage on disability benefits?

It is key to emphasise that both mortgage lenders and mortgage brokers are legally obligated to refrain from discriminating against individuals with disabilities during the mortgage application process. They cannot deny assistance based on disability.


While financial considerations still play a significant role in mortgage applications, the good news is that some mortgage lenders are willing to consider applicants who receive disability benefits, although the process may take longer than usual.


For individuals with long-term disabilities who receive consistent benefits over an extended period, the chances of being considered for a mortgage are generally higher, however, those with shorter-term disabilities may face challenges due to the temporary nature of their benefits.


Fortunately, if you have a disability and are applying for a mortgage in York, there are schemes available to provide support. One option is a variation of the Shared Ownership Scheme, which can be applicable to purpose-built properties.


It’s important to be aware that eligibility requirements still apply to these schemes, however, individuals with disabilities can take solace in knowing that there may be a range of mortgage options available to them, irrespective of their personal circumstances.

What is a Lifetime ISA?

You may have come across the term Lifetime ISA, also known as LISA, which is an individual savings account aimed at helping individuals save for long-term goals, including purchasing their first home in York.


One of the key benefits of a Lifetime ISA is that the government provides a 25% bonus on your contributions, up to a certain annual limit, with a maximum cap on total contributions.


For example, if you contribute £2,000 in a year, the government will add an additional £500 to your savings account. It’s important to note that there are specific eligibility criteria to consider.


The age range for setting up a Lifetime ISA is between 18 and 39, and the funds can only be used for either a home purchase or retirement, with restrictions on withdrawals until a certain age.


In summary, a Lifetime ISA can be a valuable tool for gradually accumulating funds to achieve your future homeownership goals.

How to get a mortgage on a low income?

Securing a mortgage can present challenges, especially for home buyers with a low income. Mortgage lenders typically assess applicants’ income and financial stability to determine their ability to repay the loan.


A lower income may result in a restricted borrowing capacity since mortgage lenders view applicants with low income as higher risk. Meeting the affordability criteria set by lenders can be difficult for low-income home buyers.


Additionally, a lower income can affect the amount of deposit that can be saved, making it challenging to meet the lender’s deposit requirements. Fortunately, there are government schemes available to support low-income home buyers in accessing affordable housing options.


Some schemes specifically target individuals with lower incomes, providing them with opportunities to purchase properties at reduced or discounted costs. This makes homeownership more feasible and cost-effective for those with limited income.


It’s important to note that each scheme has its own eligibility criteria and may not be applicable to every situation. Speaking to a mortgage advisor in York can be advantageous when looking for help to buy in York.

How does Forces Help to Buy (FHTB) work?

Forces Help to Buy is a dedicated government initiative tailored to support members of the armed forces in their path to homeownership.


This scheme provides eligible personnel with an interest-free loan, allowing them to borrow up to 50% of their salary, with a maximum limit of £25,000.


The loan obtained through Forces Help to Buy can be utilised towards the deposit and other associated costs involved in purchasing a property.


This program recognises and addresses the unique challenges faced by military personnel, who often encounter difficulties accessing traditional mortgage products due to frequent relocations and deployments.


By providing financial assistance and favourable loan terms, Forces Help to Buy empowers servicemen and women to take a significant stride towards owning their own home, creating a stable living environment for themselves and their families.


This scheme plays a pivotal role in making homeownership more accessible and affordable for individuals serving in the armed forces, ensuring they have the opportunity to establish a secure foundation for their future.


Find out more information about the schemes available to you on the government OwnYourHome website.

Why choose us as your mortgage broker in York?

With an extensive history spanning over two decades, we take great pride in being a trusted and dependable mortgage broker in York. Our wealth of experience and unwavering commitment have allowed us to provide transparent and reliable mortgage advice in York.


You can place your complete trust in us to guide you through the process with utmost professionalism and expertise.


To ensure convenience for our valued customers, we offer the option to easily book a free mortgage appointment online.


Our team of knowledgeable mortgage advisors in York is readily available to speak with you at a time that suits your schedule, including evenings and weekends. We understand the importance of flexibility when making such a significant decision.


At Yorkmoneyman, exceptional customer service is at the core of our values. The genuine reviews from our satisfied customers serve as a testament to our dedication in delivering open and honest mortgage advice in York.


We are fully committed to finding the most suitable mortgage options tailored to your unique circumstances.


In the unlikely event that we are unable to secure a mortgage for you at the time of contact, we will always provide guidance on the best steps to improve your chances in the future.


Our ultimate goal is to support you on your journey to homeownership, offering valuable insights and recommendations throughout the process.

Why choose a mortgage broker in York over a Bank?

As a highly regarded mortgage broker in York, our team of dedicated mortgage advisors has unparalleled access to an extensive panel of lenders.


This invaluable advantage allows us to explore a wide range of mortgage deals and discover the perfect product tailored specifically for you.


Unlike the limitations of approaching a single bank, we have the flexibility to work with numerous mortgage lenders.


This gives us the ability to present you with a diverse selection of options, including specialised products designed to meet specific criteria.


Many customers who have faced mortgage rejections from their banks due to stringent lending criteria have found our assistance invaluable in such situations.


With our in-depth knowledge and expertise, we can navigate complex circumstances and find solutions that align perfectly with your needs.


We take great pride in offering same-day appointments with our mortgage advisors in York.


This speeds up the process, significantly reducing waiting times compared to appointments with traditional banks or building societies. We understand the value of your time and strive to provide efficient and timely service.


By choosing us as your mortgage broker, you can reap the benefits of our extensive lender network, personalised guidance, and prompt appointment availability.


We are dedicated to ensuring a smooth and streamlined mortgage journey for you, every step of the way.

Mortgage Advice for Help to Buy in York

To begin your journey, all you need to do is schedule your free mortgage appointment today. Our team of trusted mortgage advisors in York will assess your unique circumstances and provide guidance on how we can help you in achieving your goal of buying a property in York.

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Common mortgage

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 30 mins, 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 30 mins. 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.

You will typically need at least a 5% deposit.

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

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