Help To Buy Scheme.
Severnside Mortgage Solutions Ltd can help you with the government Help To Buy Scheme. This can be the perfect way for you to get on the property ladder, when you never thought it possible. Our advisors can help with every step of the process and guide you in the right direction from the very start.
Since 2013The UK government have been offering a scheme to assist homebuyers with the purchase of new build properties. This scheme is set to run until 2020, allowing homebuyers to purchase new build properties with as little as a 5% deposit whilst another 20% (40% in London) is supplied by the government in the form of an equity loan.
This benefits the mortgage lender because they always retain the “first charge” on the property, protecting their investment and because of this the homebuyer often gets the benefits of lower interest rates than they would on a normal 5% deposit scheme.
About Shared Ownership
When an outright purchase is not an option for you at the moment, it could be the level of deposit you have, your income or your commitments you have in place, Help to Buy Shared Ownership could be the answer to buying, rather than renting, as it offers you the chance to buy a share of your new home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Then in the future, you would be able to staircase to buy bigger shares when you can afford to.
About Equity Loans With a Help to Buy Equity Loan, the Government will lend you up to 20% of the cost of your newly built home, so you’ll only need a 5% personal deposit and a 75% mortgage to purchase your new home.
The Equity Loan is interest-free for 5 years and then in year 6, you start paying only the interest on your Equity Loan.
Severnside Mortgage Solutions Ltd are able to assess your affordability as Help to Buy would, using their affordability calculator to ensure they see your new home as affordable based on your financial position and at no extra cost we will submit your Help to Buy Equity Loan application so your equity loan is in place ready for you to complete on your brand new home.
Let Severnside Mortgage Solutions Ltd help you with your shared ownership application so you know you are eligible and you are in a perfect position before you start viewing your potential new home.