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Help to Buy Mortgage Advice in Grimsby

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Help to Buy Mortgage Advice in Grimsby
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We’re here to help you with all of your Help to Buy mortgage needs. Offering our help and support throughout the whole home buying process. The help to buy equity loan is designed to help people get on the property ladder or buy a new home with a 5% deposit.

 

How does the Help to Buy Equity Loan Work?

The Help to Buy Equity Loan scheme was introduced to help both First Time Buyers and Home Movers in Grimsby buy a newly built home. Buying a newly built home can often be quiet expensive, so the government stepped in and decided to create a scheme that would give them that helping hand that they need. Here are the main facts about the Help to Buy Equity Loan:

 

A minimum of 5% deposit is always required

Up to 20% of the property’s value is an equity loan from the government

The rest is taken out as a Help to Buy mortgage, for example, 5% deposit + 20% equity loan = 75% mortgage

 

There is a slight catch though, that 20% will need to paid off within 5 years or you will start receiving interest on it. People often forget that it’s a loan and not a free gift. Here is an example of a home with a £200,000 price tag and how much the government would loan you:

 

Help to Buy: Equity Loan scheme Example

 

How does it work?Get a quote nowMeet your advisor

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

Help to Buy Mortgage Advice in Grimsby

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.

 

Get in touch with a Mortgage Advisor in Grimsby and receive a free mortgage consultation.

 

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 Grimsby?

As a Mortgage Broker in Grimsby, 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 Grimsby, 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 Grimsby. The Government will then loan you up to 20% to the properties value.

Your free mortgage consultation with a Mortgage Advisor in Grimsby will last approximately an hour. Once they have evaluated your situation, they will recommend a mortgage for you with no obligation for you to proceed. Based on the deal, you can decide whether or not you want to continue the process with us or not.

As a trusted Mortgage Broker in Grimsby, we carry out a fact find to verify your needs before recommending you with a mortgage deal. After a Mortgage Advisor in Grimsby has evaluated your situation, they will perform a credit check on you, this is required for an agreement in principle. Then after you have provided all of the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued.

We always advise that you obtain an agreement in principle before you start viewing properties in Grimsby, to avoid disappointment. If you want to get yourselves a head start, you should get one prior to making an offer.

Typically, an agreement in principle lasts for between 30 and 90 days, however, this can change depending on your lender. If your agreement in principle expires, you can renew it quite easily.

Yes, you can get a second mortgage. Whether this is for debt consolidation or home improvements, this is possible. It is also possible to take out a second mortgage on a second property but only if it is own use, the use of a family member, a holiday home or a Buy to Let.

It will be harder but yes you can. You will have to show that you can afford a mortgage by putting down a higher deposit, perhaps 10% or 15% of the purchase price.

Yes, however, you must submit at least one years’ accounts. Most lenders use your salary + dividend to calculate the maximum mortgage, whereas other lenders could base it of your net profit.

If you are an employee, you will need to provide three payslips to prove your income. If you are self employed, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.

Our free consultation typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours. A formal mortgage offer takes about three weeks on average.

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We make it so easy!
Our 4 step process

Step 1

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

Step 2

Enjoy finding your dream home in Grimsby

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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