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The Help to Buy scheme was introduced by the government and was designed to help First Time Buyers in Cambridge to take that first step on the property ladder. One of the most common types of this scheme is the Help to Buy Equity Loan Scheme. The main thing when obtaining a mortgage is finding out if you are eligible for the scheme you are interested in as well as matching you up to lender criteria.
This is where taking out Mortage Advice in Cambridge can be really helpful as they can help you with the factors mentioned above along with matching you up most suitable mortgage lender. Help to Buy is for First Time Buyer in Cambridge buying newly built properties.
As mentioned, the most common and popular Help to Buy scheme is the Help to Buy Equity Loan. If you are looking to buy a home and are struggling with the deposit, this scheme is perfect for you. You will need to put down a 5% minimum deposit which you can get via a gifted deposit or from saving up.
Below are some factors regarding the Help to Buy Equity Loan Scheme that you need to know:
–You are required to put down a minimum of 5% in deposit
–Up to 20% of the property’s value is an equity loan from the government
–The remaining amount is taken out as a Help to Buy Mortgage. i.e. 5% deposit, 20% equity loan, 75%
By getting in touch with a reputable and expert Mortgage Broker in Cambridge, like ourselves, you will be able to see whether you are eligible or not for a Help to Buy in Cambridge prior to applying for one.
Here at Cambridgemoneyman, our team of expert help to buy advisors in Cambridge will advise you on the most appropriate route for your situation. As well as this, they will match you up to a range of different lenders’ criteria to see where you match up. By doing this, you have the best chance of mortgage success while staying relatively close to what you were looking to do.
If you are using the government Help to Buy Equity Loan Scheme, you need to keep in mind that you can only purchase a newly built home up to the value of £600,000, and you will need to be a First Time Buyer. In terms of eligibility, this depends on the desired property and your eligibility for the mortgage scheme.
You won’t be eligible for the scheme if you have owned any other property at the time buy your new home when applying for the Help to Buy Equity Loan and you must also remember that subletting and part-exchange are not allowed.
As well as the Help to Buy Equity Loan Scheme, another scheme that we see many customers look into is Shared Ownership scheme. Generally, you will be able to buy between 25% and 75% of a home and pay the remaining amount as a rental fee. Depending on the property, you may be able to purchase as little as 10%.
Help to Buy: Shared Ownership is perfect if you feel you don’t quite have the ability to afford the mortgage on 100% of a home. This scheme gives you the opportunity to buy a share of your home (usually between 25% and 75% of the home’s value) and pay rent on the remaining share. Further down the line, you could put the money into bigger shares when you are able to afford to do so.
Our team can provide expert Help to Buy Mortgage Advice about the various schemes that are available to applying first time home buyers. If you are looking for assistance from a Mortgage Broker in Cambridge and more information regarding the Help to Buy schemes please get in touch.
Our goal is to provide you with the tailored advice you need to find the most suitable route for your personal circumstance. Furthermore, our team strive in making your mortgage experience getting a Help to Buy in Cambridge as stress-free and simple as possible.
When it comes to a Help to Buy: Equity Loan, you have the chance to borrow up to 20% from the government, of the cost of your newly built home. Because of this, you only need a 5% cash deposit and a 75% mortgage overall.
Before our team can look into the mortgage aspect of a Help to Buy in Cambridge, we will need to determine whether or not you qualify for any of the Help to Buy schemes on offer.
If you are looking for more insight on the type of scheme that may be available to a homeowner, don’t hesitate to get in contact with our team and we can connect you with one of our experienced Mortgage Advisors in Cambridge.
The Help to Buy Equity Loan can only be applied to newly built homes with the maximum amount varying depending on your desired location. One important thing you need to know is that you need to be a First Time Buyer in Cambridge to apply for the scheme. In terms of criteria, this will come down to your circumstances and the property you are looking to purchase.
It’s imperative to know that you should not own another property when you are looking for a new home with the Help to Buy Equity Loan. As well as this, subletting and part-exchange are strictly forbidden.
Find out more information about the Help to Buy schemes available to you at https://www.ownyourhome.gov.uk/Gov.uk
With over 20 years of experience providing open and Honest as your Mortgage Broker in Cambridge, we have worked with a large variety of customers all looking for Mortgage Advice in Cambridge through utilising our knowledge on a range of mortgage types.
We have dealt with many customers on a regular basis who are looking to use the government Help to Buy scheme. When you have booked online to speak with an expert Mortgage Advisor in Cambridge, you will have someone there to provide a helping hand from the very beginning of your mortgage journey to the very end when you get the keys.
In the circumstance where you have found your dream home and have matched up the criteria for a Help to Buy in Cambridge, our team can look through the paperwork with you as well as get in contact with the home builder or estate agent for you if needed.
We love going the extra mile for our customers which is why we are available to help you with any surveyors or solicitors. We will point you in the right direction as well as speak to you about what you may need for that.
Your free initial mortgage appointment will involve your allocated Mortgage Advisor in Cambridge looking through all the figures with you so you can get a rough estimate of the amount you will need to pay each month for your mortgage.
Check our brilliant customer reviews to see how we have helped a plethora of people on their mortgage journey and to see why people approach Cambridgemoneyman when seeking Mortgage Advice in Sheffield.
As a reputable Mortgage Broker in Cambridge, our goal is to provide a mortgage experience that is supportive, informative and stress-free by helping you every step of the way on your mortgage journey. Get in touch today to book yourself in for a mortgage appointment and we will see how we are able to help.
5.00 Rating3 Reviews
Anonymous
Great service, very efficient.
Steven
Great service. Would definitely recommend to people struggling to get a mortgage. Cambridgemoneyman, a huge thank you from us
Bailey
Massive thank you to Malcolm and the team at Cambridgemoneyman. We were very impressed with the level of service we received. As first time buyers, we were thrilled with the mortgage rate that got recommended for our circumstances, and we will...
For a New Build, you will be looking at at least 5% of the property sale price in Cambridge. The Government will kindly loan you up to 20% of the value of the property, but you will pay back the loan from the Government over time.
Firstly, you need to fill out our Fact Find to get an idea of your current personal and financial situation. Next, our team will pass over this information to your dedicated Mortgage Advisor in Cambridge, and they will keep in touch to schedule your free mortgage consultation. You will get asked a series of questions to help build up a profile; this will help them pick out a mortgage deal tailored to you.
Secondly, once the consultation is over, a credit check will carry out, and this will help you obtain an Agreement in Principle. Granted, if you are okay with everything and happy to proceed, we will then ask for some documentation to help strengthen your application.
Lastly, with your Agreement in Principle, submitted evidential documentation and a comprehensive mortgage offer that you’re happy to continue with, you can move onto the last stage – mortgage application submission!
The time scale can alter depending on the Lender but on average, an Agreement in Principle will likely last around 30-90 days.
If you’re Agreement in Principle expire, worry not. It’s an easy process to renew. Speak to one of our Mortgage Advisors in Cambridge or your current Lender to arrange a renewal of your Agreement in Principle.
You sure can! If you are wondering why someone might want a second mortgage, here are some popular situations:
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If you are looking for a second mortgage, contact our mortgage team in Cambridge today, and see how they can help you.
It may be harder for you to obtain a mortgage with past credit problems, but not impossible depending on circumstances. You may get asked to put down a larger deposit, which will vary depending on your lender.
If you are suffering from bad credit, give us a call, and our advisors will be more than happy to try and help. We have a wide variety of specialist mortgage lenders who may have the perfect mortgage deal for your financial situation.
Yes, the good news is it is possible to obtain a mortgage as a self-employed worker depending on circumstances. First. You need to produce at least one year’s accounts.
To work out the maximum mortgage amount you can borrow, Lenders will use your salary + divided, whereas others might go off your net profit.
Whether you’re applying for a mortgage or looking to remortgage, there are a few documents lenders will always want to see during the process. You will get asked to provide some evidential documents to back up your mortgage application. For example, you’ll need things like ID, bank statements, payslips.
Don’t worry if you forget any of these documents listed; your assigned Mortgage Advisor in Cambridge will run through all of this with you, so nothing gets missed.
Your free mortgage consultation in Cambridge can take approximately an hour; within the hour, we take an in-depth look into your personal and financial situation.
Once your consultation gets concluded, we will try to turn around an Agreement in Principle within 24-hours. An Agreement in Principle is essential when making an offer on a property, as estate agents and sellers often accept those who already have an AIP than those who haven’t.
The final step is to submit your mortgage application and wait for a formal mortgage offer. Usually, this will take about 2 -4 weeks – provided the process goes smoothly, and your application is relatively straightforward.
Our Mortgage Advisors in Cambridge job is to gather personal, financial and financial mortgage situation information from you during your free mortgage consultation because they need to build an in-depth understanding of your mortgage needs to try and find you the most suitable mortgage.
Once your consultation is complete, your Mortgage Advisor in Cambridge will begin searching for mortgage products on your behalf to match your personal and financial situation, saving you time and money.
We recommend you get an Agreement in principle before viewing any houses in Cambridge. Doing so may increase your chance of your offer getting accepted and will put yourself in front of other buyers who don’t have an Agreement in Principle in place.
Give us a call and a Mortgage Advisor in Cambridge will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Cambridge
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.
