Help to Buy Mortgages in Canterbury

Thanks to the available government Help to Buy Schemes, you could find you are able to get onto the property ladder for as little as a 5% deposit. As an open & honest mortgage broker in Canterbury, we can inform you about all the different schemes and check your eligibility.

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Find out whether the Help to Buy Equity Loan Scheme could help you purchase a new build home in Canterbury.

You may be eligible to take out a Help to Buy Equity Loan on a new build property in Canterbury, from the government for up to 20% of the purchase price. You will need to put down at least 5% deposit, from either your own savings or a gifted deposit from a family member or friend, bringing your total deposit to 25%.

If the builder is contributing towards the deposit, that can also acceptable, but it will need to be in addition to your own 5%. It works in multiples of 5, so if you can put down a 10% deposit, for example, the government will loan you 15%, so that it still reaches that 25% overall.

It is important to remember that this is a loan to be repaid. Whatever the percentage of your equity loan totals to, the government essentially owns 20% of your home until you repay the loan on your Help to Buy in Canterbury.

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How do I pay off my Help to Buy Equity Loan in Canterbury?

You will have a whole 5 years of not needing to make any payments towards the equity loan on you Help to Buy in Canterbury. After this point, you will start accruing interest on your loan amount. Many homeowners will use either their savings, or a remortgage to pay off the remaining loan amount.

As a trusted and responsive mortgage broker in Canterbury, we have helped many first time home buyer customers through their mortgage process, by utilising the Help to Buy Scheme in Canterbury.

If you would like to have a chat with one of our mortgage advisors in Canterbury about this scheme and how it could benefit you as a first time buyer, book yourself for a free mortgage appointment online and we will see how we are able to help.

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Help to Buy in Canterbury FAQs

How much deposit do I need for a Help to Buy Mortgage in Canterbury?

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There will be a minimum requirement of 5% deposit for the Help to Buy Equity Loan Scheme. Overall, the government will be looking to give you a 25% deposit, with the maximum they will loan you being 20%.

If you can put down a higher deposit, this number will reduce. This means if, for example, your deposit is 15%, they will only need to loan you 10%. Please remember, this is a loan and will need to be paid back.

Who can access a Help to Buy in Canterbury?

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In order to make use of the Help to Buy Scheme, you must be a first time buyer in Canterbury, purchasing a new build property. You must be a first time buyer in Canterbury to be able to access the Help to Buy Equity Loan Scheme.

Previously it would have been available to home movers too, though this has since changed as the Help to Buy Equity Loan Scheme has evolved. You may still be able to purchase a new build property with a partner in a joint application, though both applicants will have to be first time buyers.

This means that even if you are not a first time buyer, so long as one of you is, you may still be eligible. Additionally, there are regional property price caps that can affect your ability to use a Help to Buy in Canterbury. Speak to your mortgage advisor to learn more about this.

Can I use a Help to Buy in Canterbury on any property?

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No, taking out a Help to Buy in Canterbury will only be usable on new builds only and the builder must be registered for the Help to Buy Equity Loan Scheme.

Additionally, there are regional maximum property price caps that can affect your ability to use a Help to Buy in Canterbury. Speak to your mortgage advisor to learn more about this.

How do I pay back the Help to Buy Equity Loan?

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You will have the ability to pay back the equity loan at any time within the first 5 years of your mortgage process without incurring any penalties or additional charges.

During the first 5 years of your mortgage, the equity loan will be interest-free, remaining at the same amount. If you are not able to pay it off within this time period, you will start receiving interest on the remaining amount, starting at 1.75%.

Many homeowners will use either some savings or inheritance that they have built up over that time period, whilst others will remortgage at the end of their initial fixed-period, in order to pay off this loan with some equity that has grown within their home.

Are the rates good on a Help to Buy Mortgage in Canterbury?

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Help to Buy Mortgage rates will be varied , depending on what type of mortgage deal you are looking to obtain.

Because, along with the government loan, you will have a 25% deposit, you'll be on a 75% loan to value. This means you could be looking at a much lower rate of interest on your mortgage balance, than would've been present if you'd only managed the 5% deposit without the scheme.

Why use a mortgage broker in Canterbury?

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By enlisting the help of a trusted and experienced mortgage advisor in Canterbury, you'll have a helping hand all throughout your mortgage journey.

We will be on hand to answer all of your questions and provide expert mortgage advice in Canterbury for the different first time buyer schemes available.

Book your free mortgage appointment online today to see how a mortgage advisor in Canterbury can help you. They will check your eligibility and help you take those necessary steps towards getting onto the property ladder.

8 Reasons to Choose UK Moneyman

Providing open & honest Help to Buy Mortgage advice in Canterbury, 7 days a week!

Our team will work around your busy lifestyle and work schedule, allowing you to connect with a mortgage advisor in Canterbury at a time that is convenient to you.

Free appointment with a dedicated mortgage advisor in Canterbury.

The good news is, we only ask for payment on results, not with any upfront costs!

You'll be able to benefit from your own dedicated case manager in Canterbury.

You'll get to know your case manager throughout the entire process.

We put in the hard work for you!

We'll be here to answer all of your questions about the various Help to Buy Schemes in Canterbury, helping you to decide which one is most appropriate for you.

Protecting you and your family with jargon-free insurance advice in Canterbury.

We'll be able to suggest the most appropriate insurance products in Canterbury to ensure you can stay in your home, should you become seriously ill or unable to work.

There are 1000s of Help to Buy mortgage deals!

Your mortgage advisor in Canterbury will review your personal circumstances and search through 1000s of mortgage deals, to find the most suitable one for you.

We have a lot of experience & knowledge to provide quality Help to Buy mortgage advice in Canterbury.

We completely understand the workings of the various Help to Buy schemes in Canterbury, and will use our knowledge to best help you during your process.

Your mortgage advisor in Canterbury will be by your side every step of your journey.

We'll be by your side all through your process, providing guidance and support whenever you need us. We can also help to suggest property surveys and recommend conveyancing solicitors.

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