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Help to Buy Mortgage Advice in Durham

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Help to Buy Mortgage Advice in Durham
Across All Schemes

Help to Buy schemes are very popular amongst First Time Buyers in Durham as they provide a great way to get onto the property ladder. Help to Buy can sometimes become very complicated and that’s why 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 Durhammoneyman.com working on your behalf is incredibly beneficial when you need a Mortgage Broker in Durham to support you.

How does the Help to Buy Equity Loan Scheme work?

This is a scheme that has been set up to help not only first-time buyers. Here are a few key facts about the scheme:

 

You will require a minimum of 5% deposit

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.

How do you qualify for the Help to Buy scheme?

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.

 

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.

 

Help to Buy Shared Ownership

Help to Buy Shared Ownership scheme, you can buy as little as 25% or as much as 75% of a home and pay rent on the rest.  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 (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 Durham, 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.

 

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Your Mortgage Broker in Durham is here to provide you with expert Help to Buy Mortgage Advice.

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:

  • This makes it possible to buy a home with just a 5% deposit whilst Help to Buy Shared Ownership deposits are typically much lower than buying traditionally.
  • With a Help to Buy: Equity Loan, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.

 

Get in touch with a Mortgage Advisor in Durham and receive a free mortgage consultation.

 

Find out more information about the Help to Buy schemes available to you at Gov.uk

Why should you choose us as your Mortgage Broker in Durham?

As a Mortgage Broker in Durham, 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 Durham, we are here to help you. Get in touch with us today and make a date for your free mortgage consultation.

What our customers say

Common mortgage
questions

Your free initial mortgage consultation will roughly last 30-60 minutes. During your consultation, you will get the opportunity to speak with a Mortgage Advisor in Durham. They will ask you some questions regarding your mortgage needs and personal and financial situation.

This will then allow them to go and search for teh perfect mortgage deal for you. They will always try and pick out the deal that will benefit you most.

Firstly, we will get you to fill out our Fact Find to learn a little more about your mortgage situation. Then we will get you booked in for your free mortgage consultation to learn even more about your mortgage needs. After your consultation, we will arrange a mortgage Agreement in Principle for you within 24-hours.

Then it’s over to you to find your dream home and make an offer. Once you’re ready to proceed and you’re happy to take up the mortgage product that we’ve recommended, we can get your mortgage application prepared!

After your 30-60 minute free mortgage consultation, we will be able to search for mortgage products on your behalf. In the meantime we will also arrange an Agreement in Principle within 24-hours. When you are ready to make an offer on a proprty and want to take up our mortgage product, we will begin planning your mortgage application. Once your application is submitted, a formal offer will take about 3 weeks on average.

You will need to provide a variety of documents to support your mortgage application. You’ll be asked to hand in your photographic ID, bank statements, latest P60 and a couple more things.

If you’re Self Employed, you may need to provide 2 years of accounts’.

Just because you are Self Employed doesn’t mean that you can’t get a mortgage, although, it may be a little more difficult.

As a Self Employed mortgage applicant, you will have to submit at least one year’s accounts. Mostly, lenders will use your salary plus dividend to calculate the maximum mortgage amount that you’ll be able to borrow, whereas others will go off your net profit.

If you’ve suffered from bad credit in the past, you may be required to put down a higher deposit than usual. This could be somewhere between 10%-15% of the property’s purchase price.

We always recommend obtaining an AIP as soon as possible. Preferably, you want to have one in place prior to viewing houses in Durham. You may be allowed to negotiate prices if you have an AIP in place when you are viewing houses.

There a various reasons why someone may want a second mortgage. People may want to consolidate their debts into their mortgage, want to improve their home or journey into the world of Buy to Lets. Whatever your reason is for wanting a second a mortgage, you should get in touch with a Mortgage Broker in Durham like us.

For a Help to Buy mortgage in Durham, you are going to need a minimum of a 5% deposit. Your initial deposit amount will be topped up by the government to 25% total.

Whatever the amount is that they loan you, you will need to pay it back eventually. This loan will be interest-free for the first 5 years, then if you don’t manage to pay it off within these 5 years, you will start receiving interest on the loan starting at 1.75%.

Your Agreement in Principle should last around 30-90 days. This timeframe could change depending on the lender that you use. If your Agreement in Principle expires, you can easily refresh it by approaching a Mortgage Broker in Durham like ourselves.

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We make it so easy!
Our 4 step process

Step 1

Give us a call and a Mortgage Advisor in Durham will recommend the best Help to Buy scheme based on personal circumstances.

Step 2

Enjoy finding your dream home in Durham

Step 3

Make an offer on the property and once accepted, we will progress your mortgage application.

Step 4

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.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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