Help To Buy Mortgage Advisor
Looking for Help To Buy advice or a Help To Buy Mortgage? As there is sometimes confusion over the different schemes offered by the government, a knowledgeable Help To Buy mortgage advisor should be your first port of call if you want to understand which of the schemes you may be eligible for and what you need to do.
What Is Help To Buy?
Help To Buy is a blanket term used to refer to the variety of schemes offered by the UK government to enable people to get on the property ladder and buy their first home or purchase a newly built home.
First launched in 2013, the schemes have altered with new ones added, some closing, and others extended. Figures from 2018 show more than 420,000 people have used the schemes to help them buy a home.
The schemes currently available are:
- Equity Loans
- Shared Ownership
- Mortgage Guarantee Scheme
- First Homes
- Right To Buy
- Stamp Duty Relief
Mortgage Guarantee Scheme/95% Mortgages
The new Mortgage Guarantee Scheme has generated a lot of interest since it was launched earlier this year as it will give more opportunities to those looking to buy a new house, are in good credit but are unable to obtain a mortgage as they don’t have more than 5% as a deposit.
It follows on from the previous scheme in 2013 which was launched after 95% mortgages became scarce following the UK financial crisis.
In a nutshell, with the new scheme, the government act as a guarantor for your mortgage. The scheme is not only open to first-time buyers but existing homeowners wishing to move house too.
The period for applications is quite limited though, as the scheme will end December 2022 so if this is an option you are interested in, you need to consider moving quickly.
Help to Buy Individual Savings Account (ISA)
The Help To Buy ISA is an older scheme from the government where savers opening an account could claim up to a £3000 bonus on their savings from the Government.
Although the scheme closed to new applicants in November 2019, existing savers can continue to save into their account until 2029 and have up until 2030 to claim their bonus.
The great thing about the Help To Buy ISA is that it may be used with other government schemes such as the revamped Equity Loan scheme. If you opened a Help To Buy ISA before the deadline it is worth continuing with savings as combining the bonus with another Help To Buy Scheme could put you in an excellent position to buy your first property.
How Can A Mortgage Advisor Help?
Because of the range of schemes available and different companies or people vying for the attention of people looking to use government Help To Buy schemes, it can be very confusing trying to work out the ‘need to know’ aspects of the schemes or what to do!
You may have many questions including which of the schemes is right for you? What type of property you can buy? And what are the benefits of using one of the schemes?
We can help assess your eligibility for the scheme you are interested in, explain your future options, how much you could borrow, and offer advice on finding a solicitor and what insurances you will need.
We aim to make Help To Buy easy and accessible to you and save you a lot of work having to research the various options and work out what is right for you. If any of the options are right for you then we will go the extra mile to find a mortgage product for you and make the process as simple as possible.
We can also offer advice to anyone with an existing Help To Buy ISA finding a great mortgage deal for you.
Right To Buy, which has been around longer than the Help To Buy programme but is now a part of it may also be an option we can help with if you are a council tenant looking to purchase your home.
Burnett Mortgages Help To Buy Advice
For a quick chat about any of the schemes or to book an appointment, please contact us through our website or call us on 01302 436 333.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £399.