Help to Buy Mortgage Advice in Cambridge
Across All Schemes
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.
The Equity Loan Scheme – How does it work?
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%
Do I qualify for a Help to Buy in Cambridge?
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.
Help to Buy in Cambridge – Shared Ownership
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.
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