Help to Buy in Hull
Across All Schemes

The Shared Ownership Scheme has been aiding first-time buyers and home movers in their quest to step onto or progress along the property ladder since the 1980s.

Commonly known as “part buy, part rent,” Shared Ownership in Hull enables you to acquire a share in the property, typically ranging from 25% to 75%, although this can vary depending on the mortgage lender. The remaining portion is paid as a rental charge.

This flexible and reliable option offers a more affordable path to homeownership, with the possibility of “staircasing” in the future. Staircasing allows you to gradually purchase additional shares in the property until you reach full ownership.

It’s important to note that Shared Ownership is exclusively available for specific purpose-built properties.

A significant portion of the population opts to rent a home before becoming homeowners, initially considering it a more affordable choice.

For many individuals in this situation, saving for a deposit to purchase their own home can be challenging due to existing rental expenses and additional bills.

If you find yourself in this predicament, you may be wishing to buy the home you currently rent. The good news is that you might be eligible to do so!

Tenants of local councils or housing associations may have the opportunity to participate in the Right to Buy or Right to Acquire schemes, respectively. To qualify, you must have been a public sector tenant for a minimum of three years.

Eligible applicants can benefit from a discounted purchase price, with the amount of discount based on the duration of your tenancy. Fortunately, many mortgage lenders consider this discount as a sufficient deposit.

It is still advisable in some cases to save for a deposit, as certain mortgage lenders may require one. Regardless, having a deposit can be advantageous, granting you access to better interest rates.

If you are a first time buyer interested in the possibility of utilising the Right to Buy scheme in Hull, it is recommended to contact your local authority (the property owner) to determine your eligibility.

Indeed, it is still possible for home buyers to secure a mortgage with a 5% deposit, granted they have a good credit history and meet the criteria set by mortgage lenders.

There have been periods when mortgage lenders were cautious about offering high loan-to-value mortgages, leading to the development of schemes that incentivised lenders to offer 95% mortgages while providing a safety net.

Although these schemes still serve niche cases, nowadays most mortgage lenders are generally open to applicants with a 5% deposit. It is often more advantageous for both the lender and the applicant to have a slightly higher deposit.

In certain situations, such as having a poor credit history or lower income, a higher deposit of around 15-20% may be required to secure a mortgage.

Naturally, saving for a deposit, particularly anything above 5%, can be challenging for prospective home buyers. That’s why schemes were introduced to promote 95% mortgages and encourage the minimum deposit.

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

If a scheme would benefit you, they will provide transparent guidance and inform you accordingly.

If you’re familiar with the Help to Buy Equity Loan, you may recall that it was specifically for new build properties. With the conclusion of that scheme, most other schemes are no longer limited to new builds.

Nevertheless, for those interested in purchasing a new build property in Hull, there are still schemes tailored specifically to these situations.

One such scheme aims to help local first time buyers in Hull who are purchasing new builds.

Under this scheme, eligible first time buyers may have the opportunity to purchase a new build property at a discounted price.

It’s important to note that if you decide to sell the property in the future, you will need to agree to a discounted sale price as well.

This approach fosters a cycle of affordable home buying for generations to come. Like other schemes, it may not be applicable to everyone.

Your trusted mortgage broker in Hull will carefully assess your circumstances and recommend the most suitable deal for you.

It’s important to emphasise that neither mortgage lenders nor mortgage brokers are legally allowed to discriminate against individuals with disabilities when it comes to mortgage applications.

They cannot refuse assistance based on disability. Financial factors are instead taken into consideration during the mortgage application process.

The positive news is that some mortgage lenders are willing to consider applicants who receive disability benefits, although the process may require additional steps.

If you have a long-term disability, the likelihood of finding such lenders is higher. This is because consistent benefits over an extended period demonstrate stability.

On the other hand, applicants with shorter-term disabilities may face more challenges, as there may be uncertainty regarding the duration of their benefits.

Fortunately, if you are disabled and seeking a mortgage in Hull, there are schemes available to help you. One such scheme is a variation of the Shared Ownership Scheme, which is applicable to purpose-built properties.

Naturally, there are eligibility requirements to fulfil. Disabled applicants can find reassurance in knowing that there may still be several mortgage options available to them, regardless of their personal circumstances.

You may be familiar with the term Lifetime ISA, often referred to as LISA. An ISA, or individual savings account, is designed to help individuals save for long-term goals, including purchasing their first home in Hull.

The significant advantage of a Lifetime ISA is that the government provides a 25% top-up on your contributions, up to a specified annual limit, with a maximum limit on your overall contributions.

For instance, if you contribute £2,000 in a year, the government would add an additional £500 to your savings account! Certain eligibility criteria apply.

You must be between the ages of 18 and 39 to open a Lifetime ISA, and the funds can only be used for a home purchase or retirement (with withdrawal restrictions until a certain age).

Overall, the Lifetime ISA can be an excellent means for individuals to steadily build their savings for future homeownership.

Securing a mortgage can pose challenges for certain home buyers, especially those with a low income. Mortgage lenders typically evaluate applicants’ ability to repay the loan based on their income and financial stability.

Having a low income can result in a limited borrowing capacity, and mortgage lenders may perceive the applicant as higher risk. Meeting the affordability criteria set by lenders can be difficult for low-income home buyers.

Furthermore, a lower income can make it harder to save for a sufficient deposit, which is often required by mortgage lenders. There are government schemes available that aim to help low-income home buyers in accessing affordable housing options.

Some of these schemes specifically target individuals with lower income levels, offering the opportunity to purchase a property at a reduced or discounted cost. This makes homeownership more attainable and cost-effective.

Each scheme has its own eligibility criteria, and not all will be applicable in every situation. Speaking with a mortgage advisor in Hull can be valuable when seeking help to buy in Hull.

Forces Help to Buy is a government scheme specifically designed to help members of the armed forces in purchasing a home.

It 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 the scheme can be used to cover the deposit and other associated costs of buying a property.

Its primary objective is to address the unique challenges faced by military personnel, who often have limited access to conventional mortgage products due to frequent relocations.

Forces Help to Buy offers a valuable opportunity for servicemen and women to step onto the property ladder and establish a stable home for themselves and their families.

By providing financial support and favourable loan terms, the scheme makes homeownership more attainable and affordable for those serving in the armed forces.