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Help to Buy Mortgage Scheme Advice

A Mortgage Advisor to Maximise Chances of Success With Help to Buy Scheme

If you are trying to pull together savings for a mortgage down payment, there is good news. The Government’s Help to Buy scheme has been extended and banks and building societies are developing new mortgage products for customers who will access the scheme under the extension.

The Government scheme was launched in the spring to assist people who could only afford a small down payment on a home.

However, the Help to Buy scheme is complex and has different aspects of types of products available, and the best course of action for anyone contemplating using the scheme is to use a mortgage broker to assist with an application. An advisor such as UKFCS Mortgage Specialists will give you the best possible chance at success when applying to the Help to Buy scheme.

UKFCS Mortgage Specialist is a company that specialises in providing independent and impartial advice and assistance to people who want to obtain and take advantage of the Help to Buy Scheme, get a mortgage, re-mortgage their property or get a Buy to Let mortgage. UKFCS Mortgage Specialists has independent trained and qualified staff who will take into account your circumstances and make sure you get the best advice. Going forward, this means we will ensure that you meet any lenders criteria before applying for the Help to Buy scheme.

Phase one of the Help to Buy scheme in England began back in April, 2013. At that time, buyers of newly built homes were eligible for a 20 per cent equity loan from the Government. The prospective buyer had to come up with a five per cent deposit in order to be eligible. There are very similar schemes are in Wales and Scotland.

Phase two stipulates that buyers in the UK may only have a small deposit (5%). On top of that, the Government will give a guarantee of 15 per cent of the loan to the lender, for a fee. This will encourage the bank or building society to offer the loan. The fee charged to the lender may be up to 0.9 per cent of the original loan level. The fee is dealt with by the lender, which guarantees 15 per cent of the mortgage for seven years.

If you apply for Help to Buy assistance you will face detailed checks which are designed to ensure that you can afford mortgage payments. A UKFCS Mortgage Specialists advisor will be able to help you prepare for the checks and ensure that all your paperwork is in order and that you have the best possible chance of accessing the scheme. UKFCS Mortgage Specialists can even help you if you have a poor credit rating.

The Help to Buy scheme will be on offer to first-time buyers. As well, home movers borrowing to buy new and old homes valued at no more than £600,000 can apply. The Government says the Help to Buy Scheme will continue for at least three years.

The scheme will mean that a potential borrower wanting to purchase a home costing about £200,000 will have to make a deposit of around £10,000.

According to the Council of Mortgage Lenders (CML), it is anticipated that the checks on borrowers will be tough, so ensuring that you are ready to borrow and have everything in order is vital. Take advantage of UKFCS Mortgage Specialists assistance and be prepared when you apply for the Help to Buy scheme. Contact UKFCS Mortgage Specialists today and take the first step forward in owning your own home!

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Authorised and Regulated by the Financial Conduct Authority. UKFCS Mortgages Specialists is the trading name of UK Financial Consultancy Services Ltd. UK Financial Consultancy Services Ltd, Registered in England and Wales No.5467810
Registered Office: 33 Darnley Road, Gravesend, Kent, DA11 0SD Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.
The overall cost for comparison is 4.4% however the actual rate will depend on your circumstances.
UK Financial Consultancy Services Ltd operate as an intermediary and are not a principal lender
Our FCA registered number is 435495 and can be found on the regulators website at www.fca.org.uk/register

Our Offices

Kent Office
140A Station Road, Sidcup, Kent, DA15 7AB
Tel: 0800 433 4576 / 020 8303 7897 - Fax: 0800 433 4579
London Office
34 Ely Place London EC1N 6TD
Tel: 0800 4334 576 / 020 3417 2332
Isle Of Wight Office
Ridge House, Upper Hyde Farm Lane, Shanklin, Isle of Wight, PO37 7PS
Tel: 01983 623177