Help to Buy Mortgage Advice in Birmingham Across All Schemes
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.
How does the Help to Buy Equity Loan Scheme work?
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.
How do you qualify for the Help to Buy Scheme?
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.
Help to Buy Shared Ownership
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.
How does it work?Get a quote nowMeet your advisor