Help to Buy Mortgage Advice in Hull
Across All Schemes
Getting onto the property ladder as a First Time Buyer in Hull can be quite complicated as there are so many different mortgage routes you can go down. This is where a Mortgage Broker in Hull will come incredibly handy, they will talk you through all of your mortgage and your Help to Buy options.
You will find that there are lots of different Help to Buy schemes available for you out there. However, you can’t just pick and choose a scheme as you won’t qualify for every single one. Your best option is probably to let a Help to Buy Mortgage Advisor in Hull check everything for you and see if you qualify for any schemes first before you rush into applying. Help to Buy mostly affects people buying newly built properties and the schemes are more popular amongst First Time Buyer.
The two most popular Help to Buy schemes are the Help to Buy Shared Ownership and the Help to Buy Equity Loan. Here is a little bit about them both:
How does the Help to Buy Shared Ownership Scheme work?
The Help to Buy Shared Ownership scheme allows you to purchase a percentage of your mortgage and then pay the rest on rent. For example, you could buy a share of a home (which usually has to be between 25% or 75%) and then you will have to pay rent on the percentage of the property that you don’t own. Basically, you have a share in the property, and this share percentage can be increased at a later date, perhaps when you have more money.
How does the Help to Buy Equity Loan Scheme work?
This is the most popular Help to Buy Scheme is the Equity Loan Scheme. In this scheme, the government will lend you up to 20% of the total cost of your newly built home. This means that you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
There is a slight catch though (people often don’t realise this), the percentage that the government have given you is not a gift, it will have to be paid back to them within 5 years of owning your home. If you aren’t able to pay it off within 5 years, you will start receiving interest on it and it may end up costing you more than you originally anticipated.
Here is an example for a home with a £200,000 price tag:
If the home in the example above sold for £200,000, you’d get £160,000 (80%, from your mortgage and the cash deposit) and you’d pay back £40,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
We search 1000s of mortgage deals across a large number of lenders, including:
Reasons to Choose us
Your Mortgage Broker in Hull is here to provide you with expert Help to Buy Mortgage Advice in Hull
We will always recommend the best option for your individual circumstances and make sure that you feel happy and secure through the whole Help to Buy process.
Here are some of the most common Help to Buy mortgage situations that we come across:
This 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.
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.
Help to Buy – Do I Qualify?
Before we start the Help to Buy mortgage process with you, we need to check whether you qualify for any of the schemes available. If you want to know more about the schemes out there, all you need to do is contact one of our amazing Help to Buy Mortgage Advisors in Hull. For example, the Help to Buy Equity Loan is only available to newly built homes up to a certain the value depending on the region. Remember, you have to be a First Time Buyer in Hull, It relies on the property and you to meet the scheme’s criteria.
You must not own any other property at the time you buy your new home with a Help to Buy Equity Loan. Also, you need to remember subletting and part-exchange is not allowed.
Find out more information about the Help to Buy schemes available to you at the ownyourhome website.
Why should you choose us as your Mortgage Broker in Hull?
As well recognised and respected mortgage broker in Hull and the surrounding East Riding area with well over two decades worth of experience, we have helped achieve the mortgage dreams for thousands of different and unique customers when they look to obtain a mortgage via the Help to Buy Scheme.
Our dedicated team of mortgage advisors in Hull will be on hand for you to take advantage of a free initial mortgage consultation, where they will run through all of your Help to Buy options and suggest the best possible path for you to take.
The loyal mortgage advisors that make up our team will work very hard to make sure you feel secure and comfortable at all times during your mortgage journey. We only want what is best for our customers.
We also offer a free mortgage appointment to all customers who get in touch. Book yourself in today and speak with a Help to Buy mortgage advisor in Hull. We can’t wait to hear from you!
Contact us for a free mortgage appointment, speak to an experienced Mortgage Advisor in Hull today.
You’ll need to provide a deposit of at least 5% of the sale price of your new build in Hull. The government will top up your deposit by 20% to make up a 25% total deposit. This works the same way if you put down a higher deposit, e.g. if you put down a 10% deposit, you will receive a 15% equity loan.
Our free initial mortgage consultation will last roughly one hour. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.
If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.
The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one year’s of accounts, the likelihood may increase your chance of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.
The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.
The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.
As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.
Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.
Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.
Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.
Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.
Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around an hour. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.
We make it so easy! Our 4 step process
Give us a call and a Mortgage Advisor in Hull will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Hull
Make an offer on the property and once accepted, we will progress your mortgage application.
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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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.