As a Mortgage Advisor in Derby, it is our job to explore and explain the different schemes available to you. Before we look into the Help to Buy schemes, we will research the possibility of you getting accepted for a standard mortgage with a 5% deposit and discuss these options with you until we find the most suitable way forward for your personal situation.
Help to Buy commonly applies for First Time Buyers in Derby who are looking for that extra bit of help in order to make that first step onto the property ladder in a newly built home. There are various schemes that come under the Help to Buy umbrella, in our experience the two most popular options are the Help to Buy Equity Loan and Help to Buy Shared Ownership.
The Help to Buy Equity Loan scheme is one of the more popular options, allowing you to receive a loan from the government of up to 20% of the cost of your newly built home. You will also need a 5% cash deposit on top of this 20%, leaving you a 75% mortgage to pay off. You will not receive any interest fees on this 20% across the first five years of you having ownership of this newly built home. Although, if you have not paid off this 20% by the end of these five years, you will be charged interest on the loan until you pay it off.
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 Derby, 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 you with 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 Derby and receive a free mortgage consultation.
Find out more information about the Help to Buy schemes available to you at Gov.uk
We have years of valuable experience within the mortgage industry and our expert Mortgage Advisors in Derby are more than capable of finding the best Help to Buy deal for your personal situation.
We’ll see if you qualify for the Help to Buy scheme and if you have more deposit available, we can compare this to a regular mortgage without the loan.
Our team of qualified Mortgage Advisors in Derby are available to answer all of your Help to Buy questions from 8am-10pm , seven days a week! If you are a bit confused with all of the Help to Buy schemes, just give us a call, we will always be open & honest with you and try and direct you onto the right path.
We provide a fast & friendly Help to Buy mortgage advice service in Derby and we can’t wait to guide you through the process. The Help to Buy process isn’t always that easy, we will always try our best get over any hurdles that we face.
We go above and beyond for every customer that comes our way meaning that you get you through the Help to Buy process stress-free and with ease. You can see what our amazing customers have said about us in our fantastic reviews.
You will need at least 5% of the sale price of your new build property in Derby. The Government will then loan you up to 20% to the value of the property that you wish to purchase.
Your free mortgage consultation in Derby will last approximately one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to go ahead.
As your mortgage broker in Derby, we carry out a Fact Find to establish your needs prior to recommending the most suitable mortgage for you. A credit check is then required for an Agreement in Principle and then once you have provided all the relevant documentation and a valuation of the property has been carried out a formal mortgage offer can be issued
We recommend you obtain an Agreement in Principle before you start viewing properties in Derby, to avoid disappointment. At the very latest you should obtain one prior to making an offer to assist your bargaining position
An Agreement in Principle typically lasts for between 30 and 90 days depending on the Lender. If your Agreement in Principle expires it can always be refreshed.
It can be possible to get a second mortgage on your home for debt consolidation or Home Improvements. It may also be possible to take out a mortgage on a second property if it is for your own use, the use of a family member, a holiday home or a Buy to Let.
If you have had credit problems you can still get a mortgage but you may need to put down a higher deposit than usual, perhaps 15% of the purchase price.
You can get a mortgage once you have submitted at least one year’s accounts. Most Lenders use your salary + dividend to calculate the maximum mortgage whereas others go off your net profit.
To prove income it’s usually three payslips for an employee and the latest 2 years’ accounts for self-employed. In addition you will need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours and a formal mortgage offer takes about three weeks on average.
Give us a call and a Mortgage Advisor in Derby will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Derby
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.
