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Help to Buy Mortgage Advice in Middlesbrough

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Help to Buy Mortgage Advice in Middlesbrough Across All Schemes

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 Middlesbroughmoneyman.com working on your behalf is incredibly beneficial when you need a mortgage broker in Middlesbrough 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 but homeowners too. 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. This scheme can only be accessed by First Time Buyers in Middlesbrough.

 

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

 

With the Help to Buy Shared Ownership scheme, you’ll usually get to purchase 25% or as much as 75% of a home and pay the rest back on rent. 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 (typically 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 expert Mortgage Broker in Middlesbrough, 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 Middlesbrough is here to provide you with expert Help to Buy Mortgage Advice.

 

We will always recommend you 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 Middlesbrough and receive a free mortgage consultation.

 

Find out more information about the Help to Buy schemes available to you at Own Your Home website.

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

 

As a mortgage broker in Middlesbrough, 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 Middlesbrough, 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 mortgage journey begins as soon as you get in touch with our team. We will send you over a fact find to fill out so we can learn a bit more about your personal and financial situation.

The next step of the process is for us to book you in for our free mortgage consultation so we can begin searching for the perfect mortgage product for you. We will also arrange a mortgage agreement in principle for you.

Once you’ve provided documents to support your agreement in principle, we can start preparing your mortgage application!

For a Help to Buy mortgage, you will need a deposit between 5%-20%. The percentage that you put down will be topped up by the government to make a total of a 25% deposit. Although, you have to remember that this is a loan and not free money. This loan will be interest-free for the first 5 years then start at 1.75% after the 5 years.

Your free initial mortgage consultation will roughly last 30-60 minutes. During the consultation, we will examine your current personal and financial situation so that we can get an idea of what sort of mortgage products you’ll match with.

If we manage to find you a deal and you’re happy to continue with it, we can start preparing your mortgage application!

As a Mortgage Broker in Middlesbrough, we would always recommend that you try and obtain a mortgage agreement in principle (AIP) as early in the process as possible. Ideally, you should obtain your AIP prior to viewing properties as it can open you up to being able to negotiate prices.

Your agreement in principle will last between 30-90 days. If your agreement in principle expires, you can easily renew it. Get in touch with your Mortgage Advisor in Middlesbrough to arrange this.

Yes, it may be possible to get a second mortgage. Reasons for getting a second mortgage include debt consolidation, home improvements, for a mortgage deposit for another property such as a Buy to Let property or a holiday home.

It can be still possible to get a mortgage despite having bad credit issues in the past. Although, you should know that some lenders may require you to put down a larger deposit; this could be 10%-15%.

If you are Self Employed and have at least one year’s accounts ready to submit, then yes, you may be able to get a mortgage. Mostly, lenders will go off your salary plus dividend to calculate the maximum mortgage amount that you can borrow. Some are also known to go off your net profit.

During the mortgage process, you will be asked to prove your income, who you are etc. Some of the documents that you’ll be asked to provide include bank statements, payslips, proof of ID and proof of address. This may be slightly different for the Self Employed.

After your free 30-60 minute mortgage consultation in Middlesbrough, we will be able to go away and try and find you a mortgage product that’s perfect for your personal and financial situation. During this timframe, we will also arrange a mortgage agreement in principle for you within 24-hours.

If everything goes to plan and we recive yoru supporting documents, we can proceed to the point of mortgage application preparation. Once your application is submitted, a formal mortgage offer takes around 3 weeks on average.

We make it so easy!
Our 4 step process

Step 1

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

Step 2

Enjoy finding your dream home in Middlesbrough

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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