Help to Buy Mortgage Advice in Hull
Help to Buy Mortgage Advice | Hullmoneyman
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Help to Buy Schemes
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With the government’s Help to Buy Shared Ownership scheme, you can buy as little as 25% or as much as 75% of a home and pay rent on the rest. We are able to provide Help to Buy Mortgage Advice on all schemes.
Help to Buy Equity Loan makes it possible to buy a home with just a 5% deposit whilst Help to Buy Shared Ownership deposits are typically much lower than buying traditionally.
Please contact us to see if you qualify for the schemes … (Contact us)
Q. How does the Help to Buy: Equity Loan Scheme work?
With a Help to Buy: Equity Loan, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
Example: for a home with a £200,000 price tag
If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
Q. How does the Help to Buy: Shared Ownership Scheme work?
If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership 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. Later on, you could buy bigger shares when you can afford to.
You could buy a home through Help to Buy: Shared Ownership in England if:
- your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
- you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.
With Help to Buy: Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You’ll need to take out a mortgage to pay for your share of the home’s purchase price or fund this through your savings. Shared Ownership properties are always leasehold.
The above information is taken from the Governments dedicated website – https://www.helptobuy.gov.uk/ where you will be able to find out more information about the various schemes available.