Help to Buy Mortgage Advice
Help to Buy Mortgage Advice in Lincoln
Help to Buy Equity Loan Mortgage Broker in Lincoln.
Since the introduction of the Governments Help to Buy scheme in October 2013 there has been an increasing number of first time buyers getting on, and second time buyers moving up the property ladder.
Overall, confidence in the housing market seems to be increasing, also, there seems more activity in the mortgage market, especially with New Build homes.
Don’t be fooled by your builder in thinking you have to do your mortgage through them! We are not tied to any estate agent, builder or bank and have no vested interests.
Contact us to discuss your eligibility and look into your mortgage options.
Q. How does the Help to Buy: Equity Loan Scheme work?
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.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
Example: for a home with a £200,000 price tag
If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
It’s very important that you fully understand how this scheme works and the future options here. This is why speaking to your local Mortgage Broker will be highly beneficial.
For more information (including advice on fees and paying back your loan) please download our Help to Buy Buyers’ Guide (PDF).
To see if you qualify for the scheme or to apply then please get in touch.
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Help to Buy Mortgage Advice by Lincolnmoneyman.com,
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