Help to buy
Giving you the advice you need for a Help to buy Mortgage
Looking to use the Help To Buy Scheme?
We can help you with Equity Loan mortgages & Shared Ownership mortgages
Here at Suitable Choices, we are Help to Buy Specialists meaning we can explain how Equity Loan mortgages and Shared Ownership mortgages work in detail, so you have a full understanding of what is involved with the support you will receive, and the costs involved for this now and in the future.
For no extra set up costs we will guide you through and apply for your Help to Buy scheme whether it be your Shared Ownership application before you make an offer or applying for your Help to Buy Equity Loan after you have reserved your new home with the new build developer so the funds are in place ready for getting your keys to your brand new home.
Before any reservations are made, we strongly advise you speak to one of our advisers to ensure the mortgage is affordable with your current financial situation and you pass credit searches as reservations on new builds are non-refundable.
About Shared Ownership
If 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.
We 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 us 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.
So whatever questions you may have about your mortgage and protection, we are here to help you.