Help to Buy in Newcastle
Across All Schemes

Since its inception in the 1980s, the Shared Ownership Scheme has played an important role in helping both first time buyers in Newcastle and home movers on their journey towards homeownership.

Also referred to as “part buy, part rent,” Shared Ownership in Newcastle offers a flexible approach to property ownership. With this scheme, you have the opportunity to purchase a portion of the property, typically ranging from 25% to 75% (although it can be lower depending on the mortgage lender), while paying rent on the remaining share.

This arrangement brings affordability and stability to aspiring homeowners, as the initial purchase price and ongoing costs are divided proportionally between the owned share and the rented portion. It allows individuals to step onto the property ladder with a lower upfront financial commitment compared to traditional full ownership.

One of the significant advantages of Shared Ownership in Newcastle is the potential for future “staircasing.” This means that over time, as your financial situation improves, you have the option to purchase additional shares in the property. This gradual increase in ownership percentage can be pursued until you eventually achieve full ownership, offering a pathway towards complete independence and property ownership.

It’s important to bear in mind that Shared Ownership in Newcastle is typically available for specific purpose-built properties, which have been designated for this scheme. These properties are purposefully designed to meet the requirements and guidelines set forth by the Shared Ownership program.

By exploring Shared Ownership in Newcastle, you open up opportunities to enter the property market and make progress towards full ownership in a more affordable and manageable manner.

Renting a home is a popular choice for many individuals in Newcastle, initially perceived as a more affordable option. The task of saving for a deposit while managing rental costs and other expenses can present significant challenges.

If you currently rent a home and aspire to purchase the property you reside in, there may be encouraging news for you. You could potentially be eligible for either the Right to Buy in Newcastle or Right to Acquire schemes.

The Right to Buy scheme is specifically designed for tenants of local councils, while the Right to Acquire scheme applies to individuals renting from housing associations. Generally, to qualify for these schemes, you need to have been a public sector tenant for a minimum of three years.

Eligible applicants may enjoy the benefit of a discounted purchase price based on the duration of their tenancy. In some cases, this discount may even be considered sufficient by certain mortgage lenders to meet the deposit requirement.

It’s important to note that while a discount may be available, it is still advisable to save for a deposit in some instances. Certain lenders may require a deposit, and having one can also improve your access to more favourable interest rates.

If you are a first time buyer interested in a Right to Buy in Newcastle, it is recommended to reach out to your local authority, as they own the property you are renting. They can provide information regarding your eligibility and guide you through the process of exploring this option.

By taking advantage of the Right to Buy in Newcastle or Right to Acquire schemes, you have the opportunity to transition from being a tenant to becoming a homeowner, potentially enjoying the benefits of ownership and long-term stability in the property you currently call home.

It is still possible for home buyers to obtain a mortgage in Newcastle with a 5% deposit, as long as they meet the creditworthiness criteria set by mortgage lenders. While there have been periods of caution among lenders regarding high loan-to-value mortgages, various schemes have been implemented to encourage the availability of 95% mortgages with additional safeguards.

Currently, many mortgage lenders are open to considering applicants with a 5% deposit. It’s worth noting that both the lender and the borrower may benefit more if the deposit is slightly higher. If you have a lower income or a poor credit history, it’s possible that you may be required to provide a larger deposit of around 15-20% to increase your chances of mortgage approval.

Saving for a deposit in Newcastle, especially above the 5% threshold, can pose a challenge for prospective home buyers. To address this, schemes were introduced to promote 95% mortgages, with the aim of reducing the minimum deposit requirement and making homeownership more accessible.

By speaking with a mortgage advisor in Newcastle, you can have your financial situation assessed and receive guidance on finding a suitable lender, even with a smaller deposit. They will provide transparent mortgage advice in Newcastle and inform you if participating in a scheme would be advantageous based on your specific circumstances. Their expertise will help you navigate the mortgage landscape and increase your chances of securing a mortgage that aligns with your financial goals.

The Help to Buy Equity Loan scheme primarily focused on facilitating the purchase of new build properties. With the scheme coming to an end, most other schemes are not limited solely to new builds.

For those specifically interested in buying new build properties in Newcastle, there are still schemes available that cater to these circumstances. These schemes aim to help first time buyers in Newcastle by offering the potential for a discounted purchase price, subject to meeting the eligibility criteria.

It’s worth noting that if you choose to sell the property in the future, you would be required to discount the sale price as well. This approach aims to encourage an ongoing chain of affordable home buying for future generations in Newcastle. It’s important to understand that not every scheme will be suitable for everyone, and careful consideration should be given to the specific terms and conditions of each scheme.

Your trusted mortgage broker in Newcastle will assess your individual situation and provide personalised recommendations based on your needs and circumstances. They will guide you through the available options, helping you choose the most suitable schemes that align with your goals and preferences.

It is important to emphasise that both mortgage lenders and mortgage brokers in Newcastle are legally obligated to refrain from discriminating against individuals with disabilities when it comes to mortgage applications.

Under no circumstances can they refuse to provide assistance based on a person’s disability.

During the mortgage application process, the evaluation primarily focuses on financial factors. The encouraging news is that some mortgage lenders are willing to consider applicants who receive disability benefits, although the application process may take longer to accommodate the specific circumstances.

For individuals with long-term disabilities, the likelihood of mortgage approval is generally higher, as consistent benefits are typically received over an extended period, providing a stable financial foundation.

Applicants with shorter-term disabilities in Newcastle may face additional challenges, as there may be some uncertainty regarding the temporary nature of the benefits they receive.

Fortunately, there are specific schemes available to help disabled individuals in obtaining a mortgage, including variations of the Shared Ownership Scheme that apply to purpose-built properties in Newcastle, designed with accessibility in mind.

It is important to note that eligibility requirements still exist for these schemes. Disabled applicants can take comfort in knowing that there are diverse mortgage options available to them, irrespective of their personal circumstances. Mortgage lenders and brokers are committed to treating all applicants fairly and providing opportunities for homeownership to individuals with disabilities.

You may already be familiar with the concept of a Lifetime ISA, often referred to as a LISA. A LISA is an individual savings account specifically designed to help individuals in saving for their long-term goals, particularly their first home in Newcastle.

The standout advantage of a Lifetime ISA is the government’s generous contribution bonus. They offer a 25% bonus on your savings, up to a specified annual limit, while there is also a maximum limit on your own contributions.

To illustrate, if you save £2,000 in a year, the government will add an extra £500 to your savings account. This boost from the government can significantly accelerate your progress towards achieving your homeownership goals.

It’s important to note that certain eligibility requirements apply. To open a LISA, you must fall within the age bracket of 18-39. Additionally, the funds in the account can only be utilised for two purposes: purchasing a home or saving for retirement, with some restrictions on withdrawals until a specific age is reached.

In essence, a Lifetime ISA presents an excellent opportunity for individuals to steadily accumulate their savings for future homeownership in Newcastle. With the added incentive of the government bonus, a LISA can provide a significant boost towards making your homeownership dreams a reality.

Securing a mortgage can be a challenging task, particularly for home buyers in Newcastle who have a low income. Mortgage lenders typically assess an applicant’s income and financial stability to determine their ability to repay the loan.

Having a low income can result in a restricted borrowing capacity and may be perceived as higher risk by lenders. Meeting the affordability criteria set by mortgage lenders can prove to be more difficult for low-income home buyers in Newcastle.

Furthermore, a lower income can impact the ability to save for a deposit, making it challenging to meet the deposit requirements set by lenders. This can further hinder the prospects of obtaining a mortgage.

There are government schemes in place to help low-income home buyers in accessing affordable housing options. These schemes are specifically designed to target individuals with lower income levels, offering them the opportunity to purchase a property at a reduced or discounted cost. This initiative aims to make homeownership more feasible and cost-effective for those with limited financial resources.

It is important to note that each scheme has its own specific eligibility criteria, and not all schemes will be applicable in every situation. Seeking guidance from a knowledgeable mortgage broker in Newcastle can be highly beneficial when navigating the complexities of purchasing a home with a low income.

They can provide valuable insights and help identify the most suitable schemes and options available to help in achieving homeownership goals.

Forces Help to Buy is a government initiative specifically tailored to help members of the armed forces in purchasing a home in Newcastle.

This scheme offers eligible personnel an interest-free loan, empowering them to borrow up to 50% of their salary, with a maximum cap of £25,000. The loan can be used towards the deposit and associated costs of buying a property, easing the financial burden associated with homeownership.

The primary objective of Forces Help to Buy is to address the unique challenges faced by military personnel. Due to frequent relocations and the nature of their service, accessing traditional mortgage products can often prove difficult. This scheme aims to bridge that gap and provide servicemen and women in Newcastle with the opportunity to step onto the property ladder and establish a stable home for themselves and their families.

By offering financial support and favourable loan terms, Forces Help to Buy strives to make homeownership in Newcastle more attainable and affordable for individuals serving in the armed forces. It recognises their dedication and commitment, ensuring that they have the opportunity to secure a place they can call their own, even amidst the challenges of military life.

As a trusted mortgage broker in Newcastle, our team of dedicated mortgage advisors has established strong relationships with a diverse panel of lenders. This extensive network gives us access to thousands of mortgage deals, allowing us to thoroughly explore the options available and find the perfect mortgage product that suits your unique needs.

Unlike traditional banks that can only offer their own limited range of products, our wide range of mortgage lenders enables us to present you with a broader selection of choices. We understand that every individual’s financial situation is different, and our goal is to find a solution that aligns perfectly with your circumstances.

Our panel of lenders includes specialists in various mortgage products, each with their own unique criteria. This diversity increases the likelihood of finding a tailored solution, even if you have faced mortgage rejections from banks due to strict lending criteria. Many of our customers have found our assistance invaluable in these situations, as we have the expertise and network to navigate complex scenarios and explore alternative options that may have been overlooked.

We take pride in offering same-day appointments with our mortgage advisors in Newcastle, ensuring that you receive the guidance you need promptly and efficiently. This significantly reduces the waiting time compared to appointments with traditional banks or building societies. We understand the importance of your time and strive to provide a seamless and convenient experience.

Choose us as your mortgage broker in Newcastle and benefit from our extensive lender network, personalised service, and efficient appointment scheduling. Let us help you find the ideal mortgage solution that meets your needs and supports your financial goals. Contact us today to get started.