help to buy mortgage middlesbrough

Help to Buy Mortgage Advice in Middlesbrough

Mortgage Advice for Help-to-buy Equity Release Scheme | Help-to-buy Mortgages in Middlesbrough

Get a 20% interest-free loan on new properties for up to five years
Help to Buy Mortgage Broker in Middlesbrough

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If you’re a first-time buyer and looking to benefit from one of the many government schemes available today then we can certainly help find the best scheme for you, use a friendly Mortgage Broker in Middlesbrough like us.

One of the most popular schemes, Help to Buy, is the flagship project and certainly, it’s helped a huge number of individuals, young couples and even families get their foot on the first rung of the housing ladder. In fact, the number of first-time buyers in the UK has been growing every year since 2015. They haven’t all used the Help to Buy scheme, but many of them have. Find out if you’re eligible too by getting in touch today and speak to one of our Mortgage Advisors in Middlesbrough for more information.

Help to Buy Schemes

The most popular of all the government’s schemes, Help to Buy isn’t one scheme – but several. There are two major Help to Buy schemes for instance – Help to Buy Equity Loan and Help to Buy ISA (we’ll go on to explain both of these here).

Help to Buy Equity Loan

With this scheme, the government gives you 20 per cent of the cost of your property in the form of an interest-free loan for up to five years. The good news is you have all that time to save up to pay it back. The bad news is you have to be really disciplined in saving – otherwise, you’re going to be paying the interest on top of your existing mortgage payment. The scheme only covers new build properties and the mortgage (which can’t be used for a buy to let) must be for less than £600,000.

For example, if the home sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.

Help to Buy: ISA

First-time buyers can save for a house deposit using this special government-backed ISA. For every £200 you manage to save, the government gives you £50. The total amount you’re allowed to have in the account is £3000. The first deposit can be £1200 to kickstart the account then after that, it’s a maximum of £200 per month (or however much you can afford).

There’s no chance of you getting your hands on the money to fritter away on other things since your solicitor or conveyancer has to apply to get the money once you’re in the process of buying a house.

The great news is that if you’re buying a house as a couple then you could have a total of £6000 to put towards a deposit. Another advantage is that it’s not restricted to just new builds.

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