Good news, thanks to the Help to Buy Schemes, First Time Buyers in Birmingham have higher odds of getting onto the property ladder. As of now, depending on eligibility, there are more routes to choose from, although you won’t fit into every Help to Buy criteria.
It’s our Mortgage Advisors in Birmingham job to inform you about all the different schemes you are eligible for; you may find that other Help to Buy Schemes are available for you out there.
As we said, you can’t just choose a scheme that you like, as you might not be qualified for them all. However, as a Mortgage Broker in Birmingham, we have helped customers check their eligibility before hastening into applying for anything.
The Help to Buy Equity Loan Scheme is popular with First Time Buyers in Birmingham looking to get onto the property ladder. However, as of 2021, this scheme is no longer available to existing home owners looking to move home.
Below are a few basic facts on how a Help to Buy in Birmingham works:
– You will need a minimum of 5% deposit.
– Up to 20% of the property’s value will be treated as an equity loan from the Government.
– The remaining balance will be covered by a mortgage.
Help to Buy Equity Loans only apply to new-build properties up to a maximum value. This value depends on your region in England. Our Mortgage Advisors in Birmingham can check your eligibility to whether or not you are eligible to qualify for this particular Scheme.
The Help to Buy Shared Ownership Scheme is where you buy a share in a property. The percentage varies between 25% and 75%. However, in some circumstances, you may be allowed to purchase as little as 10%. You then will pay back the outstanding percentage through rent.
Our expert and knowledgeable Mortgage Advisors in Birmingham can help provide Help to Buy Mortgage Advice across all schemes. More information about the other Help to Buy Schemes available to you and the most common Help to Buy mortgage scenarios is located further down this page.
As a fast and friendly Mortgage Broker in Birmingham, we aim to recommend the most beneficial available option for your financial and individual circumstances. We try everything we can to make sure your Help to Buy in Birmingham goes stress-free and kept informed during the entire process.
Thanks to the Help to Buy Scheme, it makes it possible for those eligible 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 Birmingham and receive a free mortgage appointment today.
Before we begin finding you a suitable mortgage, we need to look at whether or not you qualify for any of the available schemes.
For more information on the different schemes available, get in touch to speak with one of our expert Mortgage Advisors in Birmingham today.
If we take a look at an example of how the schemes may potentially differ, the Help to Buy Equity Loan is only available when used for newly built homes by a registered builder.
As we said, you must also only be a First Time Buyer in Birmingham, and you must not own any other property when looking to purchase your new home in conjunction with a Help to Buy in Birmingham. Again, remember that subletting and part-exchange is something that is not allowed.
Find out more information about the Help to Buy Schemes available to you. Check out the Government ownyourhome website.
As an experienced Mortgage Broker in Birmingham with over 20 years of industry experience, we have worked alongside many unique customers looking to take out a mortgage utilising a Help to Buy in Birmingham.
Our trusted Mortgage Advisors in Birmingham will be able to offer you a free initial mortgage consultation, where they will discuss all of the Help to Buy options available to you and recommend the most suitable route for you to take.
Our team will do everything they can to make sure you feel secure and comfortable during the entire mortgage process. We have only your best interests at heart and aim to provide you with expert Mortgage Advice in Birmingham.
Why not contact us today and book yourself for a free mortgage appointment to speak to one of our dedicated team of Mortgage Advisors in Birmingham, who will guide you throughout every step of your mortgage journey.
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Anonymous
Thank you to Aaron, who took our initial phone call today to get further information about a potential mortgage application. He was very professional and provided relevant information to our situation!
You will need at least 5% of the sale price of your new build property in Birmingham. The Government will then loan you up to 20% to the value of the property.
Your free mortgage consultation in Birmingham will last approximately one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to go ahead.
As your Mortgage Broker in Birmingham, we carry out a Fact Find to establish your needs prior to recommending the most suitable mortgage for you. A credit check is then required for an Agreement in Principle and then once you have provided all the relevant documentation and a valuation of the property has been carried out a formal mortgage offer can be issued
Our Mortgage Advisors in Birmingham recommend that you try and get your Agreement in Principle before you take up the decision of starting to view properties in Birmingham, to avoid disappointment. At the very latest you should obtain one prior to making an offer to assist your bargaining position with the seller.
An Agreement in Principle typically lasts for between 30 and 90 days depending on the lender. If your Agreement in Principle expires it can always be refreshed. If you need help obtaining one, our Mortgage Advisors in Birmingham can usually get one sorted for you within 24 hours of your application.
It can be possible to get a second mortgage on your home in Birmingham for debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if it is for your own use, the use of a family member, a holiday home or a Buy to Let.
If you have had credit problems you may still be able to get a mortgage but you will likely need to put down a higher deposit than usual, perhaps 15% of the purchase price.
You can get a mortgage in Birmingham once you have submitted at least one year’s accounts. Most lenders use your salary + dividend to calculate the maximum mortgage whereas others go off your net profit.
To prove income it’s usually three payslips for an employee and the latest 2 years’ accounts for Self Employed. In addition, you will need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation in Birmingham typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours and a formal mortgage offer takes about three weeks on average. Before you know it, you will be moving into your new property in Birmingham!
Give us a call and a Mortgage Advisor in Birmingham will recommend the best Help to Buy scheme based on personal circumstances.
Enjoy finding your dream home in Birmingham
Make an offer on the property and once accepted, we will progress your mortgage application.
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.
