If you’re a First Time Buyer in Middlesbrough 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.
The most popular of all the government’s schemes, Help to Buy isn’t one scheme, there are quite a few available with the main one being the ‘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.