Do you dream of buying your own home but have held back because of difficulties in saving for the traditional 10% deposit? If so, we can help you find out if you are eligible for the Government-backed Help To Buy Scheme and help you to achieve your dream.
Am I eligible for the Scheme?
You will be eligible for the Scheme as long as you have a deposit of at least 5% for the home you want to buy. While many lenders will not lend more that 80% of the value of a property, with a Help to Buy mortgage you can borrow up to 95%. The mortgage company then gets a guarantee from the government which covers the amount by which the loan exceeds 80% of the price.
The scheme is only available to you if you are buying a property for you to live in. It is not available for buy-to-let or investment purchases.
The scheme is available for purchases on properties valued up to £600,000.
In considering your finances, you need to bear in mind that the loan from the lender will not cover your legal costs associated with your purchase (things like solicitor’s fees, survey fees, search fees, registration fees and Stamp Duty – where applicable) so you need to budget for these.
Will there be any difficulties in getting a mortgage?
Your mortgage broker will give you the best advice on this, but, you need to bear in mind that you must meet the mortgage lender’s usual financial checks and other lending criteria, and show that you have not had any previous financial difficulties. If you are buying with a partner, joint incomes will be considered. Whilst not all lenders have joined the Help To Buy Scheme, those that have include the major high-street banks as well as some other lenders. There should be plenty of choice available to you.
Your mortgage must be a repayment mortgage, not an interest only mortgage.
Will I be eligible if I am not a first-time buyer?
Yes. The scheme is not restricted to first-time buyers. The scheme is available if you already own a home or have done so before, but you will have to sell your existing home at the same time as, or before, you complete a purchase with a Help to Buy mortgage.
Does the property I want to buy need to be a “new build” property?
No. You can choose an older property if this is better suited to you– perhaps somewhere in a more convenient location and at a more affordable price. Of course, you can choose a new build property if this is what you prefer.
Will buying a property be more complicated than usual if I am using the Help To Buy Scheme?
Buying a property under this scheme does involve more work and more time for us than is usual in the purchase of a property, but this doesn’t mean that it will take longer to complete your purchase.
How can we can help you?
Many would-be home-buyers are missing out on mortgages under the Help to Buy Scheme because they think it doesn't apply to them. Don't be one of them!
If you decide to instruct us, you will benefit from:
- Competitive fixed fees with no hidden costs
- Our extensive experience of helping clients under the Help To Buy Scheme
- Our working relationships with mortgage lenders
- Our access to cutting edge software to progress your matter efficiently
- Clear jargon-free advice
- Regular up-dates by phone or e-mail
- A friendly, professional, and, reliable service
- We are accredited members of the Law Society’s Quality Conveyancing Scheme and our Anne-Marie Herne is an Accredited Conveyancer under the Help To Buy (Wales) Scheme.
Contact us today and we will be happy to explain the details of the Scheme to you and how we can help you to become the proud owner of your dream home.