Help To Buy Mortgage
A help to buy mortgage is a government-backed initiative to give first-time buyers and existing homeowners the opportunity of purchasing a new build house or flat with as little as 5% deposit.
To secure a help to buy mortgage you need to contribute a minimum of 5% of your own money towards the house purchase – you can find out what you’d need to save by visiting our mortgage calculator.
The rest of the deposit is made up of a loan from the government whereby you can borrow 20% of the purchase price interest-free for the first five years, or 40% under the London Help to Buy scheme.
Points to consider
There are a few points to consider if you are thinking of going down the Help to buy mortgage scheme. It is only available for first-time buyers or those who have previously owned a property looking to buy a brand new (newbuild) house, so you won’t qualify for the scheme if you are looking at a buy to let or as a second home.
A Help to buy mortgage is interest-free for the first five years so after this, you will start paying interest on the original government loan. The loan must also be repaid when the mortgage term ends or you decide to sell the house, whichever comes first.
Help to Buy for the Armed forces
There is also a Help to buy option for the Armed forces, whereby active servicemen and women can borrow up to 50% of their salary, interest-free to use as a deposit. The maximum loan amount available in this scheme is £25,000, which must be repaid over 10 years.
If you are based in Scotland or Wales, there are also slightly different criteria for Help to Buy in Scotland and Help to Buy in Wales, however we can take you through the options and help you find the perfect mortgage for your new home.
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Taking the hassle out of your Remortgage
Our team at The Mortgage Quarter understand how precious your time is and want to take the time and hassle out of your remortgaging process by searching for the very best available rates and deals for you.
Purchasing a house is likely to be your largest financial commitment so it is vital to ensure that you are on the most competitive mortgage product to meet your requirements and of course, save you money.
With access to 12,000 mortgages from over different 90 lenders we are able to provide a comprehensive range of solutions for remortgaging your home, which are not always available on the high street.
Remortgaging is far too often overlooked, with many people never realising just how valuable advice on a remortgage can be. Talk to one of our experienced advisers today about remortgaging your property, you might be pleasantly surprised by what you could save.
Because we play by the book we want to tell you that...
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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