The Help to Buy scheme is a very attractive one but can be incredibly complex. When we work with you, we use our experience to help and try to make sure that there are no unpleasant surprises and that it is not at all intimidating.
We will assist you during the whole process, ensuring that you know what is going to happen and when. Always at the end of the phone when you need us, if you need advice or a deeper understanding of the Help to Buy scheme, we are here to support you.
Having the Newcastlemoneyman.com working on your behalf is incredibly beneficial when you need a mortgage broker in Newcastle to support you.
Here are a few key facts about the scheme:
You will require a minimum of 5% deposit
Only First Time Buyers can qualify.
Up to 20% of the property’s value will be treated as an equity loan from the Government.
The balance will be covered by a special Help to Buy mortgage.
We will advise you as to whether or not you can qualify for this scheme. It’s all part of our tailor-made service. Help to Buy Equity loans apply to new-build properties up to a maximum value of £600k. It’s worth mentioning only First Time Buyers in Newcastle can qualify.
Part of the terms and conditions specify that you should not own any other property i.e. you cannot buy a second home with the help of this scheme. Part-exchange and sub-letting is also not allowed.
For the Help to Buy Shared Ownership scheme, you’ll usually be able to purchase 25% or as much as 75% of a home and pay rent on the rest. In some cases, you may be allowed to purchase as little as 10%. If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (usually between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.
As your local expert Mortgage Broker in Newcastle, we are able to provide Help to Buy Mortgage Advice across all schemes. Find out more information about Help to Buy schemes available to you and the most common Help to Buy mortgage scenarios below.
We will always recommend the best option for your individual circumstances and make sure that you feel happy and secure through the whole Help to Buy process.
Here are some of the most common Help to Buy mortgage situations that we come across:
Get in touch with a Mortgage Advisor in Newcastle and receive a free mortgage consultation.
Find out more information about the Help to Buy schemes available to you at https://www.ownyourhome.gov.uk/.
As a mortgage broker in Newcastle, we assist clients with all types of mortgages, including those under the Help to Buy scheme. Once you make contact with us, we will walk you through the whole process, from start to finish.
If you have already found a new home that you want to buy that falls within the remit of the Help to Buy scheme, we will go through the paperwork with you and even liaise with the home builder or estate agent on your behalf.
Not only will we deal with your mortgage but we can also help if you need advice with regard to surveyors or solicitors.
As part of your initial free mortgage consultation, we will go through all of the figures with you so that you know exactly how much you will be paying each month.
Check out our feedback at Reviews.co.uk and see why so many people choose us when looking for a buy to let mortgage.
As your mortgage advisor in Newcastle, we are here to help you. Get in touch with us today and make a date for your free mortgage consultation.
You will need to have around 5% of the price the new build property in Newcastle is on sale for. The government will then loan (it’s important to remember that this is what this is and you’ll need to pay it back) you up to 20% to the properties value.
Your free mortgage consultation in Newcastle will last approximately about one hour. We will then recommend a mortgage for you, where you have no obligation for you to proceed and then it is your choice whether or not you wish to proceed with the mortgage.
As your Mortgage broker in Newcastle, we will carry out a Fact Find with you to establish your personal & financial needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can then be issued a formal mortgage offer.
To avoid possible disappointment, we would highly suggest that you obtain an Agreement in Principle before you begin viewing a potential new home in Newcastle. At the very latest you should try to obtain one prior to making any offers to help with your bargaining position.
The standard for how long an Agreement in Principle will last is between 30 and 90 days, depending on the lender used. If your Agreement in Principle expires it can be easily refreshed with the help of your advisor.
You may have the option to get a second mortgage on your home in Newcastle for something like debt consolidation or home improvements. It may also be possible for you to take out a mortgage on a second property if you’re looking to potentially use it for yourself, a family member, a holiday home or a Buy-to-Let. If you require the help of a Specialist Mortgage Advisor in Newcastle, we are more than happy to have a chat about your options for a second mortgage.
If you have had credit problems you may still have some options to get a mortgage but this require extra steps, such as being asked to put down a higher deposit than usual, potentially 15% of the property purchase price. If you are having difficulty in trying to obtain a mortgage because of past credit problems, please feel free to get in touch with your Mortgage Broker in Newcastle and we will see how we are able to help!
Once you have submitted at least one year’s accounts, you will be able to begin your mortgage process in Newcastle. Most lenders will use a sum of salary plus dividend to calculate the maximum mortgage, whereas others are known to use your net profit.
You’ll find that the lenders will usually want to see three payslips from an employee to prove their income and the latest 2 years’ accounts for Self-Employed applicants. You will also need to provide the lender with proof of ID, address and 3 months’ bank statements before they will accept you for a mortgage in Newcastle.
Our free consultation will usually last around an hour or so. Our advisors are able to turn round an agreement in principle within 24 hours of your appointment. A formal mortgage offer will on average take about three weeks. Before you know it you will have your mortgage secured in Newcastle.
Give us a call and a Mortgage Advisor in Newcastle will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Newcastle
Make an offer on the property and once accepted, we will progress your mortgage application.
We will be here to answer all of your mortgage questions right through till you get your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
