We always find that the Help to Buy Scheme is an increasingly popular option for many first time buyers in Liverpool. That being said, it isn’t unheard of for it to have its own challenges.
The Help to Buy Equity Loan Scheme was created by the UK government. It’s purpose is to help first-time buyers, who were otherwise unable to take out an affordable loan-to-value mortgage because of an inability to save the deposit, get onto the property ladder.
In the past, existing homeowners who were looking to move home could utilise a Help to Buy in Liverpool, though back in April 2021 the scheme was updated and thus is only now accessible by first-time buyers
Here are a selection of different key facts you should be aware of when looking at a Help to Buy in Liverpool:
– You must have at least 5% deposit.
– You will have access of up to 20% of the property’s value to borrow in the form of an equity loan, from the government.
– You will need to take out a 75% loan-to-value mortgage to cover the property costs.
– The scheme closes in March of 2023.
– If you apply for and obtain the Help to Buy Equity Loan during January or March, you may benefit from lower interest rates than equity loans obtained later on in the year.
We will review your circumstances and provide you with personalised Mortgage Advice in Liverpool. During your free mortgage appointment, we will help to determine whether or not you qualify for the government Help to Buy Scheme.
The Help to Buy Equity Loan can only be used when purchasing a new-build property from a Help to Buy registered homebuilder. The maximum purchase price for using this scheme is completely dependent on where you are looking to live. To learn more about the Help to Buy Equity Loan and the full property price limits per area, take a look at the government’s OwnYourHome website.
It is also important to remember that you cannot purchase a second home with the help of this scheme, the property you purchase must be your only residence. You are also restricted from making any part-exchange or sub-letting deals on your home.
On top of this, you cannot be married or cohabiting with anyone who owns or has previously owned their own home somewhere else in the world. If you are applying for a Help to Buy in Liverpool and are married/cohabiting, you will have to make a joint Help to Buy application and neither of you can have another residence.
Customers may also have access to the government Help to Buy Shared Ownership Scheme. With this, you are able to purchase a smaller share of the property, paying back the rest in rent to the local authority that owns the remaining share. We find that typically speaking, people purchase around 25% to 75% of the property, though sometimes you may be able to purchase as little as 10% of the property.
If you are unable to afford a mortgage on a full purchase price of a home, Help to Buy Shared Ownership allows home buyers to purchase part of the property upfront, with the potential to purchase bigger shares further down the line when they are able to do so.
In utilising the help of a trusted and dedicated mortgage advisor in Liverpool, you will have a helping hand in overcoming any hurdles you encounter. We will do everything within our power to provide our customers with an open, honest & stress-free mortgage service during the process of their Help to Buy in Liverpool.
An experienced member of our team will be on hand to provide guidance and support throughout every step of your mortgage. We will ensure you are kept informed with necessary updates or changes to your individual case, as well as anything else you need to know.
Our team of mortgage advisors in Liverpool will always be on hand and ready to help you with any of your mortgage needs. We always do our best to educate our customers and help them to better understand the Help to Buy Scheme that they will be using.
Customers are at the heart of everything we do here at Liverpoolmoneyman. We always put your best interests first and support you in any way that we can, from the beginning of your process, all the way through until the end.
By having us working for you during your Help to Buy in Liverpool, you’ll have the incredible benefit of a guiding hand and listening ear whenever you are faced with challenges during your mortgage process.
Our trusted team of Mortgage Advisors in Liverpool, here at Liverpoolmoneyman, will always recommend to you the most appropriate mortgage deal that matches your financial and personal situation.
We aim to reduce your stress levels during your Help to Buy in Liverpool, making sure you are kept informed and secure, all throughout your mortgage process.
The purpose of a Help to Buy in Liverpool is to assist first-time homebuyers in buying a new build home from a Help to Buy registered builder, with only a 5% deposit. Usually you’ll find that the deposits for Help to Buy Shared Ownership are lower than they would be for traditional home buying.
When you take out the Help to Buy Equity Loan, you will be receiving a loan from the government. This will amount be up to 20% of the cost of your new-build property, meaning you only really need to put down a 5% deposit. The aim here is to bring the total to 25% overall, meaning you have access to a 75% loan-to-value.
This figure changes, depending on how much deposit you put down and will always be no higher than 25%. So if you have a 10% deposit, the government will loan you 15%, and so on. It is also important to be aware that it is just a loan and not a gift. You will be required to pay it back.
Before we begin with the process of helping you to obtain a Help to Buy in Liverpool, we will need to determine your eligibility for the available schemes that are out there for first-time home buyers in Liverpool.
In order to gain a much more in-depth understanding of the different schemes that you could have access to, book your free initial mortgage appointment with one of our trusted and experienced mortgage advisors in Liverpool.
Being matched up with the correct mortgage criteria will depend on your circumstances and how much your potential home is worth. You cannot own another home whilst you own are purchasing a home with the Help to Buy Equity Loan. Subletting and part-exchange is not allowed with this scheme.
To learn more about the Help to Buy Schemes available to you, take a look at the government Own Your Home website.
As an open & honest Mortgage Broker in Liverpool with well over 2 decades of providing fast & friendly mortgage advice in Liverpool, we have worked alongside many different customers. Our hardworking team strive to do all they can to make sure you achieve your home buying and owning dreams.
In our experience, we have been by the side of many customers who have been looking to utilise a Help to Buy in Liverpool. Once you get in touch with a trusted and dedicated mortgage advisor in Liverpool, you’ll have endless mortgage support from our team. This is from your first communication with us, all the way through until the completion of your mortgage.
If your personal situation and the property you’re looking to buy match the criteria for a Help to Buy in Liverpool, our team have the ability to work through the paperwork with you and even liaise with any external parties when it is applicable to do so. This includes helping with surveyors or solicitors, pointing you in the right direction.
During the course of your initial free mortgage appointment, your mortgage advisor in Liverpool will look through all of the mortgage figures with you, helping you to figure out what your monthly costs may be and the amount you could be able to borrow.
To learn more about our top-level mortgage advice service, feel free to take a look at our genuine customer reviews. You will see why so many home buyers contact us when they take out a mortgage using the Help to Buy Equity Loan Scheme.
As a well-known and trusted mortgage broker in Liverpool that is proud to provide clear & simple mortgage advice in Liverpool, we are here to guide our customers all throughout their Help to Buy in Liverpool.
Get booked in for a free mortgage appointment and a dedicated mortgage advisor in Liverpool will see how we can help.
As your Mortgage Broker in Liverpool, our first job is to carry out a Fact Find on you to get a bigger picture of your personal and financial situation, so that we can recommend the most suitable mortgage for you. In order to obtain an Agreement in Principle, you will also need to have a credit check performed on you. Once you have provided all the relevant evidential documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
You will always need to have at least 5% of the sale price of your newly built property in Liverpool. The Government will then loan you up to 20% to the properties value. Remember this is a loan and not free money, you will have to pay this back in 5 years otherwise you will start gaining interest on the rest of the 20%.
Your free mortgage consultation with Liverpoolmoneyman will last around an hour. After your details have been taken, a Mortgage Advisor in Liverpool will then search through thousands of mortgage deals to find a perfect matching deal for you. Once we recommend the deal, you can decide whether to proceed with us or not, it’s completely up to you!
We always recommend that you obtain an Agreement in Principle before you start viewing properties in Liverpool, as they can potentially put you in front of other buyers who don’t have one. Lenders will like the fact that you have prepared before making an offer.
An Agreement in Principle typically remains valid for between 30 and 90 days, but this can change depending on your lender. If your Agreement in Principle expires it can always be refreshed. A Mortgage Broker in Liverpool like us can usually get one sorted for you within 24 hours within your application.
Yes, you can get a second mortgage. You can take out a second mortgage for your current home for things like debt consolidation and home improvements. It is also possible to take out a second mortgage for another property if you want. Usually, this situation comes about when people are interested in a holiday home, are buying for a friend/family member or want a Let to Buy or Buy to Let.
It is possible but it can be a bit tricky though. When you have had previous credit problems your minimum deposit that is required could rise, we have seen it at 15% before. Having a Specialist Mortgage Broker in Liverpool could really help you get back on track in situations like these.
After you have proven at least one year’s accounts to your lender, you should be able to get a mortgage. Most lenders in Liverpool will use your salary plus dividend to work out your maximum mortgage, however, some can go off your net profit.
If you’re an employee, you will usually have to supply three payslips in order to prove your income. If you are Self Employed in Liverpool its normally the latest 2 years’ accounts. You will also need to produce proof of ID, address and 3 months’ bank statements.
Our free initial mortgage consultation can last up to an hour. As an experienced Mortgage Broker in Liverpool, after we have all of your information we can get you an Agreement in Principle within 24 hours or your phone call. On average, a formal mortgage offer takes about three weeks.
Give us a call and a Mortgage Advisor in Liverpool will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Liverpool
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.
