If you’re in the market for a new home, you may be wondering about help to buy mortgages. What are they? How do they work? Who can help me get one? In this article, we’ll answer all of those questions and more. We’ll also help you find the right help to buy mortgage broker for your needs. So whether you’re just starting your search or you’ve already begun working with a broker, read on for everything you need to know!
What should I know about this?
Mortgages are government-backed loans that help buyers purchase homes with as little as a five percent deposit. The scheme was introduced in 2013 and has since helped over 130,000 people buy their first home.
There are a few things to consider when you’re looking for the right help to buy mortgage broker. First, you’ll want to make sure that they’re registered with the Help to Buy Scheme. You can do this by searching the Help to Buy Agent Finder on the government website. Second, you’ll want to ask about their experience with helping to buy mortgages. Make sure they have a good understanding of the process and can answer any of your questions. Finally, you’ll want to compare rates from different brokers. Remember offers a maximum of 20% equity loan so you’ll want to make sure you’re getting the best deal possible.
What are the benefits of this?
The Scheme can help you buy a home with as little as a five percent deposit. It’s a great way to get on the property ladder if you don’t have a lot of money saved up. Plus, the government will provide an equity loan of up to 20 percent of the property’s value. This means you won’t have to pay any interest on the loan for the first five years. So, it’s definitely worth considering if you’re looking to buy a home in the near future.
Does the scheme have any drawbacks?
The scheme is that it’s only available on new-build properties. So, if you’re looking to buy an older property, you won’t be able to take advantage of the Scheme. Additionally, the equity loan is only available for homes up to £600,000. So, if you’re looking to buy a more expensive home, this may not be the right option for you.
Are there any other options?
Yes, there are other options available if you’re looking to buy a property but don’t qualify for the Scheme. You could look into getting a mortgage with a smaller deposit or taking out a personal loan to help cover the cost of your down payment.
We hope this information has been useful to you.