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Help to Buy Mortgage Advice in Hull

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Help to Buy Mortgage Advice in Hull
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Help to Buy in Hull

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?

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:


Help to Buy: Equity Loan scheme Example


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.


How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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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 the value of £600k. 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 Gov.uk

Why should you choose us as your Mortgage Broker in Hull?

We have been in the mortgage business for a very long time now. We can’t wait to share all of our experience and mortgage knowledge with you. A Mortgage Advisor in Hull at Hullmoneyman will sit down with you and discuss all of your Help to Buy options and recommend to you the best route to take based on your personal situation. Get in touch with your local Mortgage Broker in Hull today and receive a free initial Mortgage Consultation.


As your Mortgage Advisor in Hull, we are here to help you. Get in touch with us today and make a date for your free mortgage consultation.

What our customers say

Common mortgage

You will need to have at least 5% of the sale price of your new build property in Hull. The Government will then loan you up to 20% to the properties value.

Your free mortgage consultation in Hull will last around one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to proceed with the mortgage.

As your Mortgage Broker in Hull, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is then required for an agreement in principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.

To avoid possible disappointment, we recommend you obtain an agreement in principle before you begin viewing properties in Hull. At the very latest you should obtain one prior to making an offer to assist your bargaining position.

An agreement in principle typically lasts for between 30 and 90 days depending on the lender used. If your agreement in principle expires it can always be refreshed.

There may be a chance to obtain a second mortgage on your home for things like debt consolidation or Home Improvements. There may also be a possibility for you to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

If you have had credit problems you can still get a mortgage in Hull, however, you may be required to put down a higher deposit than usual, perhaps 15% of the property purchase price.

Once you have submitted at least one year’s accounts, you are able to get a mortgage. Most lenders use your salary plus dividend to calculate the maximum mortgage you can borrow in Hull, whereas others are known to go off your net profit.

It’s usually three payslips for an employee to prove income and the latest 2 years’ accounts for Self Employed applicants. You will also need to produce proof of ID, address and 3 months’ bank statements.

Your free consultation in Hull will likely last up to an hour or so. We can turn round an agreement in principle within 24 hours. A formal mortgage offer takes about three weeks on average.



We make it so easy!
Our 4 step process

Step 1

Give us a call and a Mortgage Advisor in Hull will recommend the best Help to Buy scheme based on personal circumstances.

Step 2

Enjoy finding your dream home in Hull

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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Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is 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.

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