You can take out a Help to Buy Equity Loan from the government for up to 20% of the purchase price of a new build property in Brighton. You'll only need to put down at least 5% deposit from your own savings or a gifted deposit. If the builder is contributing towards the deposit that’s also acceptable, but this needs to be in addition to your 5%. If your equity loan is equivalent to 20% of the value of your property, the Government essentially owns 20% of your home until you repay the loan.
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You do not make any payments on the equity loan for 5 years and if you want to avoid fees accruing then you would look to pay it off at that time from savings and/or a remortgage. As a responsive mortgage broker in Brighton we have helped many customers throughout their mortgage process, by utilising the Help to Buy Scheme in Brighton. If you would like to speak with one of our mortgage advisors in Brighton. Book yourself for a free mortgage appointment online, our team will guide you throughout the entire process.
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A minimum of a 5% deposit is required for the Help to Buy Equity Loan Scheme, although, you can increase this amount up to 20% if you have the savings to do so. We tend to find, the higher the deposit that's you put down, the less the government will need to lend you to make up the 25% overall deposit.
You must be a first time buyer in Brighton to be able to access the Help to Buy Equity Loan Scheme.
No, the Help to Buy Equity Loan scheme is restricted to new builds only and the builder must be registered for Help to Buy. The maximum property price is capped depending on the property's location. The cap is based on 1.5x the average property price in the region.
You can pay back the equity loan at any time in the first 5 years without incurring any penalties or additional charges. During the first 5 years, the equity loan will be interest-free. If you do not manage to pay it off within this time frame, you will start receiving interest on the remaining amount, starting at 1.75%.
Help to Buy mortgage rates will vary depending on what sort of deal that you are looking for. Since the deposit is 25% including the government’s loan this means you will be looking at a lower rate of interest than say if you were putting down 10% on a standard (not new build) home.
With the help of our mortgage advisor in Brighton, they can answer any mortgage-related questions you have. We also provide expert mortgage advice in Brighton across all the different schemes available. Book your free mortgage appointment online today to see how a mortgage advisor in Brighton checks your eligibility and help you get into the property ladder.
Our team will work around your busy lifestyle and work schedule, allowing you to connect with a mortgage advisor in Brighton at a time that is convenient to you.
The good news is, we only ask for payment on results, not with any upfront costs!
You'll get to know your case manager throughout the entire process.
We'll be here to answer all of your questions about the various Help to Buy schemes in Brighton, helping you to decide which one is suitable for you.
We'll be able to suggest the most appropriate insurance products in Brighton to ensure you can stay in your home, should you become seriously ill or unable to work.
Your mortgage advisor in Brighton will analyse your circumstances and search through 1000s of mortgage deals, to find the most suitable one for you.
We fully understand the workings of the various Help to Buy schemes in brighton, and will use our knowledge to best help you on your journey.
We'll be by your side all throughout, providing guidance and support whenever we're needed. We can also help to suggest property surveys and recommend conveyancing solicitors.
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Michael
I can’t thank or recommend these guys enough. Highly professional, helpful and friendly from the outset - very knowledgeable and great customer service.
Edward
Great company to work with, very helpful and always prompt to answer any queries.
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Shaun
Excellent service from the team, were very informative throughout the process even when we had to swap the house we were purchasing resulting in a new mortgage application.
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Megan and Wayne have been great throughout. Both really easy to work with and on top of things at every step of the process. Thanks a lot.
Anonymous
Excellent service by Malcolm, Paula & Meghan. We completed our purchase last week in what was supposed to be a very difficult case due to my bad credit and limited trading history as a director of LTD company. UKmoneyman dug out a lender that...
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Absolutely fantastic service from the start, in helping getting a mortgage. Charlie always replied to my messages as quickly as possible and was very clear, thorough and calming through the whole process, cutting out a lot of worries had I not used...
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Very helpful and efficient service. Wayne, the financial advisor who handled our case was thorough and professional, he gave us some very useful information and importantly sourced a good mortgage for our needs. Once we had a mortgage offer in...
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Anonymous
My initial interaction with Faye from UK money man has been really personable and I felt like she understood my needs very well. I’m hoping they can help deliver what I need and I didn’t feel any pressure to have to go further with my...
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UK Moneyman have been super helpful and reliable. Have always been able to count on them getting back to us quickly and made us feel comfortable checking anything out we were not really sure about. They made the whole process as easy and hassle free...
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The team were fantastic, in finding the product for me. Jo also walked me through what to expect when purchasing your first home I.e. time frames, and answer my many questions. Also their after care has been great, checking in on how the purchase is...
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
