Help to Buy Mortgages

Yes, a help to buy mortgage may still be obtainable, but only in Wales. There are still other mortgage schemes that you may have access too.  Your help to buy mortgage broker will provide advice and guidance to navigate the lending criteria involved.

Your mortgage broker will search 1,000s of deals on your behalf to recommend the best one for you based on your individual situation.

Using a help to buy mortgage broker could potentially save you both time and money.  Having a professional on your side will ensure your mortgage application goes with the right lender for you first time and avoid any unexpected hurdles along the way.

Your help to buy mortgage broker will also recommend any associated life insurance policies to protect you and your family should the worse happen.

If you purchased a new build property using the help to buy equity loan scheme, if you have enough equity, you can remortgage and add your help to buy loan.

The help to buy loans were interest free for 5 years, and for one further year at a lower rate of interest then they revert on to an interest rate that is linked to inflation.   The help to buy loans can be much more expensive compared to the mortgage rates available.

Your mortgage broker will be able to remortgage your help to buy and raise capital to add your help to buy loan to your new mortgage.

Possibly, this is on a case-by-case basis so it’s always best to talk your help to buy porting options through with your mortgage advisor to discuss your options.

You may be able to port your existing help to buy mortgage to another property, but you’ll have to repay your help to buy loan in the process.

With porting a mortgage, it’s the rate that you can port and not the mortgage, therefore, you’ll have to pass new affordability checks and meet the current lending criteria.

Yes, as part of the help to buy remortgage process you’ll have the option to release equity.  How much equity you’ll be able to release will depend on your current loan to value percentage and whether you have a equity loan to repay.

Our mortgage advisor team will explore your remortgage to release equity options with you.

Our clients usually choose to release equity to repay debts, fund home improvements, or pay for a large purchase such as a new vehicle.

If you have enough equity in your property, meet your lenders criteria, and can demonstrate affordability then it may be possible to borrow more on your help to buy mortgage.

If you have the help to buy loan you may wish to borrow more on your mortgage in order to repay this.

With the various mortgage schemes that are currently available outside of help to buy scheme, there will usually be fixed and variable rates of interest available on your mortgage.

With the fixed rates, there are options to fix your interest rate for a set period in order to help with your budgeting.

Fixed rates on the mortgage schemes tend to be fixed for 2, 3, 5, or even 10 years.   Our mortgage team will recommend the best product for your personal situation.

For a help to buy mortgage comparison it’s always best to seek advice from an independent mortgage broker like ourselves. We’ll compare and recommend the best mortgage product for you and your personal situation.

Often, customers approach us with more complicated situations such as bad credit or self-employed income etc. Using our experience and knowledge, we’re usually able to help these customers get mortgages that help to buy.

Our mortgage brokers will compare 1,000s of mortgage deals on your behalf, saving you both time and money.

Yes, usually, 95% mortgages are available for most of the schemes available that help to buy.  With shared ownership mortgage for example, the 5% deposit is calculated from the share of the property you’re buying.

For example, if you purchase a 50% share of a property worth £200,000 for £100,000, the 5% deposit will be £5,000, i.e. 5% of £100,000.

You would then apply for a 95% shared ownership mortgage to fund the rest.

Help to buy ISAs were available for a period to help first time buyers save up a deposit.  These types of ISAs are not available to new customers anymore although there are alternatives that have been launched to replace this such as the Lifetime ISA.

These government saving schemes are a good help for first time buyers who need help with saving up for their first home. They can’t be in joint names, therefore, if you are buying with a partner you’ll need to open one each in order to maximise the savings incentive.

A repayment help to buy mortgage is where you pay both the interest and capital back so the balance of your mortgage decreases over time.  With a full help to buy repayment mortgage, you’ll repay your mortgage by the end of the term.

If you utilised the government interest free help to buy loan scheme, you might want to look at help to buy remortgage when this is affordable to pay this back.

How to get a repayment mortgage will depend on the scheme you are using.  Most mortgages we recommend are on a repayment basis.   It’s always best to use the services of an independent mortgage broker like us to seek help and guidance for all the schemes that are currently available.

Yes, depending on the scheme you are applying for, with an experienced mortgage broker on your side, it is likely that you’ll be able to get a mortgage with bad credit.

Examples of bad credit mortgages are:

• CCJ.
• Defaults.
• Missed and late payments.
• IVAs.
• Anything more complicated?

If you are looking to utilise one of the different government schemes soon and you have bad credit, it’s always best to get a recent credit report for your mortgage broker to look through.  We’ll then be able to let you know your options and what is realistic.

Whether you are looking to remortgage a current help to buy mortgage or take advantage of one of the current schemes, there will be options available to you if you are self-employed.

There are also more specialist mortgage lenders that can also help customers who have recently gone self-employed and don’t have many years accounts available.

Whether you are a limited company owner, a partner, a sole trader, or something else there will be options available for you.

Your mortgage broker will require evidence of income in the form or accounts, SA302’s, PAYE payslips, or a combination of the these depending on how you get paid.

Without an experienced mortgage broker on your side, getting a help to buy mortgage with a CCJ can be more tricky due to having to meet strict lending criteria.

With a help to buy CCJ mortgage, it’ll depend on when the CCJ was registered, how much your CCJ was for, and whether this is now showing as settled.

As a general rule, the longer ago it was registered and the smaller the amount, the more likely it is to be accepted for a help to buy mortgage.

Your mortgage broker will be able to advise your options after looking at your credit report.  Some help to buy schemes are more criteria heavy than others.

Getting a first-time buyer help to buy mortgage will more than likely be a smoother process via a mortgage broker.  A mortgage broker will help you navigate the maze of mortgage lending and criteria and recommend the best first-time buyer help to buy mortgage for your personal situation.

Depending on the help to buy scheme, there will be terms and conditions associated with the mortgage to adhere to.

Documents will be required as part of the first-time buyer help to buy mortgage process such as proof of deposit, three months bank statements, three months evidence of earnings, and identification.

If you are a contractor and looking for a help to buy scheme mortgage then a good place to start is getting evidence of your earnings together.

Depending on how your contractor income looks, you can evidence your earnings with PAYE payslips, SA302 documents from your government account along with your tax overviews, your Accounts, or a mixture of these.

It can be more difficult to get a help to buy mortgage for contractors, therefore, using a mortgage professional is always advised.

For members of the forces, the forces help to buy scheme can be a great way to get on the property ladder. The forces help to buy scheme allows you to borrow 50% of your salary, up to a maximum of £25,000, for a deposit on a property.

This property can then be let out by yourself due to you being away in the forces. The forces help to buy scheme is the only time a residential mortgage can be used in this way.

Our team are experienced in the forces help to buy scheme so are able to answer any questions you may have.

For those that took advantage of the help to buy equity loan scheme and purchased a new build property with the 25% interest free government loan, a help to buy remortgage is available.

With a help to buy remortgage, if you have sufficient equity, you are able to remortgage and capital raise in order to repay this loan.

A good place to start is by knowing a rough valuation of your property by looking at recent sold prices of similar ones online.

The interest rate on your help to buy loan was interest free for the first five years, usually at a lower rate until year six, and then linked to inflation until repaid.    Not repaying this loan can prove costly if inflation figures are high so a help to buy remortgage may save you money here.