Help to Buy in Birmingham
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Mortgage advice for Help to Buy in Birmingham, across all available schemes.

The Help to Buy scheme aims to assist first time buyers in Birmingham who are struggling to save for a deposit. Under this scheme, the government lends you between 10% and 20% of the cost of your new build home, meaning you’ll only need a 5% deposit and a 75% mortgage to make up the rest.

These schemes provide financial support, to make homeownership more accessible. Curious to know more about the different type of Help to Buy schemes in Birmingham? Don’t hesitate to book your free mortgage appointment today, or give us a call to speak to our mortgage advisor in Birmingham. We’re always available 7 days a week to answer any questions and guide you through the entire application process.

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Help to Buy in Birmingham </br>Across All Schemes

Helping first time buyers onto the property ladder with a Help to Buy in Birmingham.

To ensure convenience for our customers, we offer the option to book a free mortgage appointment online. Our team of knowledgeable mortgage advisors in Birmingham is available to speak with you at a time that suits your schedule, including evenings and weekends. We understand that flexibility is essential when it comes to such an important decision.

By choosing us as your mortgage broker in Birmingham , you can benefit from our extensive lender network, personalised guidance, and prompt appointment availability, ensuring a smooth and streamlined mortgage journey. We will always provide on the best steps to improve your chances in the future and support you on your journey to homeownership.

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FAQs about Help to Buy in Birmingham

What is a Help to Buy in Birmingham?

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Help to Buy was introduced in the 2010’s, off the back of the UK government’ previous FirstBuy Scheme. With a series of pre-existing and new schemes placed under that banner, it was designed to help first time buyers get onto the property ladder. Over the years we have seen schemes under this banner disappear, whilst others have carried on without the name.

The most popular and well-known of these was the Help to Buy Equity Loan Scheme, which was closed to new applicants towards the end of 2022. What this means is that first time buyers are no longer able to use a Help to Buy in Birmingham or anywhere in the UK, though this doesn’t necessarily mean that support for home buyers has ended.

There are still a variety of schemes that can help to buy in Birmingham!

How mortgage schemes can help to Buy me a home?

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It’s no secret that buying a home can be a bit of a challenge sometimes and a little daunting, especially if you’re a first time buyer in Birmingham. The same can be said even if you’re moving home in Birmingham too. As you could expect with such a large financial commitment, sometimes obstacles can crop up along the way.

These can include higher property prices, limited income, needing to put down a bigger deposit, struggles to match up with criteria and more. The good aspect of using a mortgage scheme, is that they can potentially help to make home ownership more attainable and can help to reduce a lot of these problems. From schemes that help lower earners, to support from housing associations and councils, there’s no need to be worried as there could very much be options out there that can help you achieve your goals.

It is very important to understand that not every scheme will apply to every situation. Some schemes are more aimed at first time buyers in Birmingham, with a view to help to buy their first home. Others are available to people moving home in Birmingham as well.

Each of these schemes will have their own strict criteria and eligibility requirements, which you’ll have to check before applying for a mortgage. Some of these require speaking to a local Help to Buy agent. Additionally, a mortgage advisor in Birmingham may be able to help with this.

What useful help to buy schemes are avaliable in Birmingham?

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The most popular schemes available for home buyers are the Shared Ownership Scheme, which is available to first time buyers & home movers in Birmingham, as well the Right to Buy & Right to Acquire Schemes, which helps local authority tenants to purchase their homes.

These are the types of schemes you may know by name, whilst others you may not be aware of. Some of these include the Lifetime ISA, first homes scheme and forces help to buy, to name just a few. Again, these all have their own eligibility requirements and criteria to meet, for you to apply for them.

Even if you do meet the requirements, it doesn’t necessarily mean it’s right for your situation either. That is where a dedicated mortgage advisor in Birmingham can come in. It is their job to look at your case and see what options you have available to you. In some cases, the route you thought was appropriate initially, may not be the best route for you to take overall.

By booking in your free mortgage appointment with a mortgage broker in Birmingham, you’ll find out about all the possible schemes or alternatives, that could help to buy in Birmingham as a first time buyer or home mover.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

Our mortgage advisor in Birmingham will assess your income and expenses during your appointment to determine your eligibility and affordability for Help to Buy Schemes in Birmingham.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will thoroughly search through 1000 mortgage products to find the one that suits your needs best. We will also assist you in obtaining a mortgage agreement in principle, which can support any offers you make on new builds.

Submit Your Help to Buy Application

Step 3

Upon acceptance of your offer, we will submit your complete mortgage application and accompanying documents to the lender. Throughout this process, your dedicated case manager will keep you informed of progress, from the mortgage offer to completion and beyond.

Protecting You and Your Mortgage

Step 4

Our services go beyond securing the most suitable mortgage deal for you. We will provide recommendations for relevant insurance options to protect you and your loved ones. Additionally, we will proactively contact you when your mortgage deal is approaching its end to ensure that you continue to have the best possible arrangement.

Reasons to Choose us

Free Mortgage Appointment

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To get in touch, book your free mortgage appointment today or give us a call on 0121 595 0187 and a trusted mortgage advisor in Birmingham will see how they can help to buy in Birmingham.

We offer our customers the convenience of booking a free mortgage appointment online to speak with a knowledgeable mortgage advisor in Birmingham. Our flexible scheduling includes evening and weekend appointments to suit your needs.

1000's of Deals

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We have access to a wider range of mortgage lenders. Additionally, we have a variety of mortgage lenders on panel, that offer specialised products, each with their own unique criteria.

Our Service

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At Birminghammoneyman, exceptional customer service is at the core of our team. Our genuine customer reviews speak for themselves. We are committed to providing open and honest mortgage advice in Birmingham, ensuring that we secure the most suitable mortgage available for your unique circumstances.

If, for any reason, we are unable to secure a mortgage for you at the time of contact, we will always provide guidance on the best course of action to improve your chances in the future.

7 Days a Week

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We regularly find ourselves helping customers who are looking to take out a Help to Buy in Birmingham. Once you have booked online to speak with a dedicated mortgage advisor in Birmingham, you’ll have someone working for you, offering guidance and support from your first contact until the end of your process and beyond.

Malcolm and Amy Davidson - Mortgage Advice in Birmingham

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Common Help to Buy Mortgage Questions in Birmingham

What is shared ownership?

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The Shared Ownership Scheme has been around since the 1980’s and has provided a helping hand to first time buyers and home movers alike, in their goals to get onto or further along the property ladder.

Often referred to as “part buy, part rent”, Shared Ownership in Birmingham allows for you to purchase a share in the property, typically 25-75%, though this can be less depending on the mortgage lender, with the remaining amount being paid as a rental charge.

This is a flexible and stable option for home buyers that can make home owning more affordable, with the potential to “staircase” later; purchase additional shares in the property, up to full ownership.

Shared ownership is only available on specific purpose-built properties.

Can I buy my council house?

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A very large amount of the population will find themselves renting a home before they purchase a home, as it is seen as a more affordable option at first. For a lot of those people, saving for a deposit to buy a home of their own can be difficult, as it’s hard to save when you have so much already outgone in your rental costs and additional bills.

In this situation, you could find yourself wishing you could purchase the home you already live in, that you are renting. The good news is you might be eligible to do so!

If you are a tenant from a local council or housing association, you may be able to partake in Right to Buy or Right to Acquire, respectively. To qualify you need to have been a public sector tenant for at least 3 years.

Qualifying applicants will also benefit from a discounted purchase price. The amount of discount entirely depends on the length of time you’ve been a public sector tenant. Thankfully too, there are many mortgage lenders who will see the discount as a sufficient deposit.

Whilst that is the case, in some cases it is wise to save for one anyway, as there are mortgage lenders who may still require one and it can be beneficial either way, helping you to gain access to better rates of interest.

For first time buyers who are interested in having help to buy in Birmingham by way of a Right to Buy in Birmingham, you should get in touch with your local authority (whoever is the owner of the property) and check to see if you are eligible for this scheme.

Are 5% mortgages still available?

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Yes, it is still possible for home buyers to put down a 5% deposit on a property and be accepted by a mortgage lender, providing they are creditworthy and meet the mortgage lenders’ criteria.

There have been periods of time where mortgage lenders were perhaps hesitant to offer such high loan to values, which led to the introduction of mortgage schemes that could encourage mortgage lenders to offer 95% mortgages, with a safety net in place.

In some niche cases, there is still a need for these schemes. Nowadays though, we find that most mortgage lenders are willing to accept applicants who have a 5% deposit, though generally it is more beneficial for both the mortgage lender and the applicant, if the deposit is slightly higher.

Additionally, if you have a poor credit history or lower income, you may be required to put down a higher deposit of perhaps 15-20%, before you will be accepted for a mortgage.

Of course, saving for a deposit in general, especially anything above 5%, can be a challenge for prospective home buyers, which is why schemes to encourage 95% mortgages were introduced to encourage the minimum.

Your mortgage advisor in Birmingham will be able to look at your financial situation, to find an appropriate mortgage lender that can help to buy in Birmingham, even with a smaller deposit. If a scheme would be beneficial for you, they will be transparent and let you know.

Does Help to Buy have to be a new build?

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Those familiar with the Help to Buy Equity Loan, may remember that the scheme was only applicable to new build properties. With that scheme ending, most other schemes are not exclusive to just new build properties.

For applicants who are looking to buy a new build property in Birmingham though, there are still schemes that apply to these situations directly, including one designed to help local first time buyers in Birmingham.

That scheme allows first time buyers purchasing new builds to potentially take advantage of a discounted price, providing that they are eligible. Additionally, there is the added caveat that if you sell down the line, you must agree to discount your sale price also.

In doing so, it encourages a chain of affordable home buying for future generations. As mentioned with other schemes though, this still might not necessarily be applicable to everyone, as your trusted mortgage broker in Birmingham will look at your situation and recommend the best deal.

Can you get a mortgage on disability benefits?

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It’s important to note before looking at anything else, that a mortgage lender nor a mortgage broker can legally discriminate against anyone with a disability when it comes to applying for a mortgage. They cannot refuse to help on the basis that you are disabled.

Of course, financial situations are factors and that is what they will be looking at when you apply for a mortgage. The good news is that there are some mortgage lenders who are willing to look at applicants who are on disability benefits, though the process may be a little more drawn out.

If you are dealing with a long-term disability, the likelihood of this is much higher. This is because you are more likely to be receiving a consistent benefit over a significant amount of time. Shorter term disabilities may struggle a little, as there could be uncertainty on whether these benefits are temporary.

The good news though, is that if you are disabled and applying for a mortgage in Birmingham, there are schemes out there that can help you, including a variation of the Shared Ownership Scheme, which can apply to purpose-built properties.

Of course, even with this there are eligibility requirements, though disabled applicants can rest assured knowing that there may still be a handful of different mortgage options out there, regardless of their personal circumstances.

What is a Lifetime ISA?

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Another thing you may have heard of is a Lifetime ISA, sometimes shortened to LISA. An ISA is an individual savings account and exists to help people save for long-term goals, such as to purchase their first home in Birmingham.

The big benefit to a Lifetime ISA, is that the government will provide a top-up to your contributions of 25%, up to a particular figure per year, with there also being a maximum on your contributions.

That means if you managed to contribute £2,000 in a year, the government would give you an additional £500 in that savings account! There are certain eligibility criteria, such as the age bracket being 18-39 for setting one up, as well as it only being able to be used for a home purchase or for retirement (though it can’t be withdrawn until you are a set age).

All in all, it can be a great way for people to contribute towards their home owning future over time.

How to get a mortgage on a low income?

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Obtaining a mortgage can be challenging for some home buyers, particularly those with a low income. Mortgage lenders will typically assess an applicant’s ability to repay the loan based on their income and financial stability.

A low income may result in a limited borrowing capacity and the applicant may be seen as a higher risk for the mortgage lender. Low-income home buyers may face difficulties meeting the affordability criteria set by mortgage lenders.

Additionally, a lower income can impact the amount of deposit a buyer can save, making it harder to meet the mortgage lenders deposit requirements. That said, there are various government schemes available that aim to support low-income home buyers to access affordable housing options.

Some schemes out there are designed with the intention of targeting lower threshold earners, giving them the opportunity to purchase a property at a reduced, sometimes discounted cost, making it a more viable and much more cost-effective way to purchase a home.

These, like the rest of the schemes out there, have their own eligibility criteria and will not always be applicable, but speaking to a mortgage advisor in Birmingham can be useful when you are looking for help to buy in Birmingham.

How does Forces Help to Buy (FHTB) work?

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Forces Help to Buy is a government scheme designed to help members of the armed forces in purchasing a home. This scheme provides an interest-free loan to eligible personnel, allowing them to borrow up to 50% of their salary, capped at a maximum of £25,000.

The loan can be used towards the deposit and other associated costs of buying a property. The scheme aims to address the unique challenges faced by military personnel, who often have limited access to traditional mortgage products due to their frequent relocations.

Forces Help to Buy provides an opportunity for servicemen and women to get on the property ladder and establish a stable home for themselves and their families.

By offering financial support and favourable loan terms, the scheme helps make homeownership more accessible and affordable for those serving in the armed forces.

Find out more information about the schemes available to you on the government OwnYourHome website.

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