From schemes that help people on low income, to support from housing associations and councils, there coulda scheme out there that can help you achieve your goals. It is very important to understand that not every scheme will apply to every situation. Some schemes are more aimed at first time buyers in Cambridge, with a view to help to buy their first home. Others are available to people moving home in Cambridge as well.
The most popular schemes available for home buyers are the Shared Ownership Scheme, which is available to first time buyers & home movers in Cambridge, as well the Right to Buy & Right to Acquire Schemes, which helps local authority tenants to purchase their homes.
These are the types of schemes you may know by name, whilst others you may not be aware of. Some of these include the Lifetime ISA, first homes scheme and forces help to buy, to name just a few.
By booking in your free mortgage appointment with a mortgage broker in Cambridge, you’ll find out about all the possible schemes or alternatives, that could help to buy in Cambridge as a first time buyer or home mover.
Help to Buy was introduced in the 2010’s, off the back of the UK government’ previous FirstBuy Scheme. With a series of pre-existing and new schemes placed under that banner, it was designed to help first time buyers get onto the property ladder.
Over the years we have seen schemes under this banner disappear, whilst others have carried on without that branding. The most popular and well-known of these was the Help to Buy Equity Loan Scheme, which was closed to new applicants towards the end of 2022.
What this means is that first time buyers are no longer able to use a Help to Buy in Cambridge or anywhere in the UK, though this doesn’t necessarily mean that support for home buyers has ended. There are still a variety of schemes that can help to buy in Cambridge!
As you could imagine with such a large financial commitment, sometimes obstacles can crop up along the way. These can include higher property prices, limited income, needing to put down a bigger deposit, struggles to match up with criteria and more. The good aspect of using a mortgage scheme, is that they can potentially help to make home ownership more attainable and can help to reduce a lot of these problems. From schemes that help lower earners, to support from housing associations and councils, there’s no need to be worried as there could very much be options out there that can help you achieve your goals.
This answer can change from scheme to scheme, for example, with the Shared Ownership scheme, you put down your deposit based on the percentage share of the property that you are taking out, therefore, it can change each time. For most mortgages, however, you will need to provide at least a 5% deposit. This percentage can reach up to 10% or 15% if you have bad credit.
Schemes such as the Lifetime ISA can help you build up your mortgage deposit and it is worth setting this up years before you are planning to buy a property.
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During your free appointment, your mortgage advisor in Cambridge will evaluate your income and expenses to determine your mortgage affordability and qualification for any schemes.
Our team will search 1000's mortgage options to find the best one for you and your personal and financial situation.
We will also help you get a mortgage agreement in principle, which serves as solid support for any new build offers you make.
Once your purchase offer is accepted, we will submit your completed mortgage application and supporting documents to the lender.
Throughout this process, your dedicated case manager will keep you informed with regular updates and ensure a smooth mortgage offer, completion, and beyond.
Our services go beyond just securing the best mortgage deal for you. We will also suggest relevant insurance to safeguard you and your loved ones.
Furthermore, we will reach out to you when your mortgage deal expires to ensure that you are on the best deal available.
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 tany scheme to buy a property. 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 a mortgage 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.
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.
The Shared Ownership Scheme has been around since the 1980’s and has provided a helping hand to first time buyers and home movers alike, in their goals to get onto or further along the property ladder.
Often referred to as “part buy, part rent”, Shared Ownership in Cambridge allows for you to purchase a share in the property, typically 25-75%, though this can be less depending on the mortgage lender, with the remaining amount being paid as a rental charge.
This is a flexible and stable option for home buyers that can make homeowning more affordable, with the potential to “staircase” later; purchase additional shares in the property, up to full ownership.
Shared ownership is only available on specific purpose-built properties.
Yes, it is still possible for home buyers to put down a 5% deposit on a property and be accepted by a mortgage lender, providing they are creditworthy and meet the mortgage lenders’ criteria.
There have been periods of time where mortgage lenders were perhaps hesitant to offer such high loan to values, which led to the introduction of mortgage schemes that could encourage mortgage lenders to offer 95% mortgages, with a safety net in place.
In some niche cases, there is still a need for these schemes. Nowadays though, we find that most mortgage lenders are willing to accept applicants who have a 5% deposit, though generally it is more beneficial for both the mortgage lender and the applicant, if the deposit is slightly higher.
Additionally, if you have a poor credit history or lower income, you may be required to put down a higher deposit of perhaps 15-20%, before you will be accepted for a mortgage.
Of course, saving for a deposit in general, especially anything above 5%, can be a challenge for prospective home buyers, which is why schemes to encourage 95% mortgages were introduced to encourage the minimum.
Your mortgage advisor in Cambridge will be able to look at your financial situation, to find an appropriate mortgage lender that can help to buy in Cambridge, even with a smaller deposit. If a scheme would be beneficial for you, they will be transparent and let you know.
Another thing you may have heard of is a Lifetime ISA, sometimes shortened to LISA. An ISA is an individual savings account and exists to help people save for long-term goals, such as to purchase their first home in Cambridge.
The big benefit to a Lifetime ISA, is that the government will provide a top-up to your contributions of 25%, up to a particular figure per year, with there also being a maximum on your contributions.
That means if you managed to contribute £2,000 in a year, the government would give you an additional £500 in that savings account! There are certain eligibility criteria, such as the age bracket being 18-39 for setting one up, as well as it only being able to be used for a home purchase or for retirement (though it can’t be withdrawn until you are a set age).
All in all, it can be a great way for people to contribute towards their home owning future over time.
Forces Help to Buy is a government scheme designed to help members of the armed forces in purchasing a home. This scheme provides an interest-free loan to eligible personnel, allowing them to borrow up to 50% of their salary, capped at a maximum of £25,000.
The loan can be used towards the deposit and other associated costs of buying a property. The scheme aims to address the unique challenges faced by military personnel, who often have limited access to traditional mortgage products due to their frequent relocations.
Forces Help to Buy provides an opportunity for servicemen and women to get on the property ladder and establish a stable home for themselves and their families.
By offering financial support and favourable loan terms, the scheme helps make homeownership more accessible and affordable for those serving in the armed forces.
Find out more information about the schemes available to you on the government OwnYourHome website.