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Help to Buy Mortgage Advice in Lincoln

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Help to Buy Mortgage Advice in Lincoln
Across All Schemes

Since the introduction of the Governments Help to Buy scheme in October 2013 there has been an increasing number of First Time Buyers getting. 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.

 

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:

 

Help to Buy: Equity Loan scheme Example

 

If the home in the example above sold for £200,000, you’d get £160,000 (80%, from your mortgage and the cash deposit) and you’d pay back £40,000 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 in Lincoln 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): https://www.helptobuy.gov.uk/equity-loan/equity-loans/#sthash.bKMiSYhA.dpuf

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Your Mortgage Broker in Lincoln is here to provide you with expert Help to Buy Mortgage Advice in Lincoln

We will always recommend 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.

 

Find out more information about the Help to Buy schemes available to you at Gov.uk

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

As a Mortgage Broker in Lincoln, 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.

 

As your Mortgage Advisor in Lincoln, 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

You will need to have at least 5% of the sale price of your new build property in Lincoln saved, in order to put it forward for a deposit. The Government will then loan you 20% of the properties value to put towards lowering the required mortgage amount.

Your free mortgage consultation in Lincoln will generally last around 60 minutes. An advisor will then recommend a mortgage for you, with no obligation for you to go forward. You are free to decide whether or not you wish to proceed with the mortgage in question.

As a dedicated and experienced mortgage broker in Lincoln, we work on your behalf. We will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued to you by the lender.

To avoid any kind of possible disappointment, we would definitely recommend that you obtain an Agreement in Principle before you begin viewing properties in Lincoln. At the very latest you should obtain one prior to making an offer, as it is free of charge and can put you in a much better bargaining position down the line.

An Agreement in Principle will usually lasts for anywhere between 30 and 90 days depending on the Lender that is used. If your Agreement in Principle expires it can always be refreshed with the help of your mortgage advisor.

It may be possible to get a second mortgage on your home if you’re looking to do Debt Consolidation or Home Improvements. You may also find that it’s possible to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

If you have had any type of credit problems in the past, you can still get a mortgage but you may possibly be required to put down a higher deposit than expected, perhaps 15% of the properties purchase price.

Once you have submitted at least one year’s accounts, you are then eligible for a mortgage. Most Lenders will be using your salary plus dividend to calculate the maximum mortgage, whereas others have been known to go off your net profit.

It’s usually three payslips that a lender will need to see for an employee to prove income and the latest 2 years’ accounts for Self Employed. You will also need to produce proof of ID, address and the last 3 months’ bank statements.

The general amount of time that your free consultation with an advisor will last is around an hour or so. A mortgage advisor can turn round an agreement in principle within 24 hours of your consultation. A formal mortgage offer will take on average about three weeks.

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We make it so easy!
Our 4 step process

Step 1

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

Step 2

Enjoy finding your dream home in Lincoln

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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