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Help to Buy Mortgage Advice in Essex

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Help to Buy Mortgage Advice in Essex
Across All Schemes

It can be a scary thought entering into the unknown world of property ownership without Mortgage Advice in Essex on your side.  We’re here to hold your hand throughout the whole Home Buying Process and whatever hurdles we should meet along the way.  We’re with you from your initial enquiry right through to you getting your keys and moving in.

 

Help to Buy Mortgage Advice in Essex

The Help to Buy Equity Loan Scheme is designed to help First Time Buyers in Essex to buy a new home, with a 5% deposit.

 

Help to Buy Equity Loans – Key Facts:

You put down a deposit of at least 5%.

 

The government lends you up to 20% of the property’s value as an equity loan.

 

You take out a mortgage on the rest of the property’s value.  So if your deposit was 5% and your equity loan was 20%, you’d then take out a 75% mortgage.

 

Help to Buy – Do You Qualify?

We’ll help you with this. Help to Buy Equity loans are only available on new build homes up to the value of £600k. Both home movers and first-time buyers qualify.

 

You mustn’t own any other property at the time you buy your new home with a Help to Buy Equity Loan. Also, subletting and part-exchange is not allowed.

 

We are able to provide Help to Buy Mortgage Advice in Essex , as well as help with solicitors and surveys etc. We’ll be able to let you know if you qualify for this scheme and explain it to you properly to make sure you understand what you’re entering in to. Also, we’ll let you know if you qualify for a mortgage and how much your repayments will be.

 

Example: for a home with a £200,000 price tag:

 

Help to Buy: Equity Loan scheme Example

 

If the home in the example above sold for £200,000, you’d get £160,000 (80%, from your mortgage and the cash deposit) and you’d pay back £40,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.

 

It’s very important that you fully understand how this scheme works and the future options here.

 

This is why speaking to your local Mortgage Broker in Essex will be highly beneficial. For more information (including advice on fees and paying back your loan) please download our Help to Buy Buyers’ Guide (PDF): https://www.helptobuy.gov.uk/equity-loan/equity-loans/#sthash.bKMiSYhA.dpuf

 

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Help to Buy Mortgage Advice in Essex

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.

 

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 Essex?

As a Mortgage Broker in Essex, 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 Essex, we are here to help you. Get in touch with us today and make a date for your free mortgage consultation.

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Common mortgage
questions

Your free initial mortgage consultation in Essex will last roughly around one hour. Your mortgage advisor will then recommend a mortgage for you with no obligation for you to proceed and you are then able to decide whether or not you wish to go ahead with the mortgage.

When utilising the Help-to-Buy scheme, you will need to have saved at least 5% of the sale price of your new build property in Essex. The Government will then be able to loan you up to 20% to the value of the property.

As your mortgage broker in Essex, we will need to carry out a Fact Find to establish what your needs are, prior to us recommending the most suitable mortgage for you and your circumstances. A credit check will be required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you will be able to receive a formal mortgage offer.

To avoid the potential of having an offer rejected, we recommend you obtain an Agreement in Principle before viewing properties in Essex. We recommend that at the very latest, you should obtain one before you look at making an offer, as this can assist your bargaining position.

Your Agreement in Principle will usually last for between 30 and 90 days, depending on the lender that you go with. If it happens to expire, your mortgage broker in Essex can easily refresh this.

If you’re thinking about the future of your property, whether you’re looking at debt consolidation or home improvements, you may eligible for a second mortgage. This may also be a possible option if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

If you have had previous credit problems, the good news is you can still get a mortgage, though you may possibly have to put down a higher deposit than those with good credit, often around 15% of the property purchase price.

Once you have put forward at least one year’s accounts, you will be able to get a mortgage. A vast amount of lenders will use your salary plus dividend to determine the maximum mortgage you are eligible for, whereas others may go off your net profit.

For an employee to prove their income, they’re usually required to provide three payslips, whilst for self-employed applicants they’ll need the latest 2 years’ accounts. You will also need to present the lender with proof of ID, address and the latest 3 months’ bank statements.

When you engage in a free mortgage consultation with one of our Mortgage Advisors in Essex, your discussion will take around one hour. Our team can usually produce an Agreement in Principle within 24 hours of your appointment and achieve a formal mortgage offer within three weeks.

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We make it so easy!
Our 4 step process

Step 1

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

Step 2

Enjoy finding your dream home in Essex

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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Essexmoneyman.com & Essexemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.


Essexmoneyman, Elizabeth House, 28 Baddow Road, Chelmsford, Essex, CM2 0DG.

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