• YOU MIGHT BE CLOSER TO OWNING YOUR OWN HOME THAN YOU THINK

SECURE YOUR DREAM HOME WITH A LOWER DEPOSIT

HELP-TO-BUY mortgages – WEST SUSSEX, SURREY & BEYOND

If you are looking to buy a new-build but you’re buying your first property and you’re finding it difficult to save a large enough deposit, a help-to-buy mortgage could be the best option.

We advise you on the eligibility criteria of help-to-buy mortgages, helping you navigate this popular government-backed scheme designed to get you in your own home and help you secure the best deal available.

Looking to buy your first home?

Don’t think you have a high enough deposit?

Seen you dream new-build home and want to know if you can afford it?

We offer help-to-buy mortgage advice for clients across West Sussex, Surrey and beyond. If you are looking at buying your first home we are always happy to discuss whether a help-to-buy mortgage is the best option for you and, if so, how to proceed with your application.

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Help-to-buy mortgages are an excellent option for those looking to own their own property, but who would struggle to save enough of a deposit to be accepted for a standard mortgage.

HELP TO BUY: EQUITY LOAN

  • Available for new build homes only
  • Own your property outright with as little as a 5% deposit
  • A mortgage is arranged on 25% or more
  • The government lends you up to 20% (40% in London) of the purchase cost of your new-build home
  • No interest will be charged to the 20% loan from the government for the first five years that you are in your home – you are only eligible for a £1 monthly management fee
  • From the 6th year, you start paying interest at 1.75%
  • Your interest will rise each year in April by the Retail Price Index (RPI) plus 1%
  • Your loan only needs to be paid in full once you pay off your mortgage, sell you home or come to the end of the agreement

HELP TO BUY: SHARED OWNERSHIP

  • Available for new build homes as well as existing homes through resale programmes from housing associations
  • Rather than the whole home, own a share in it (between 25%-75% of its value)
  • Pay rent on the remaining share
  • Buy bigger shares if you wish to and can afford to at a later point
  • Available to first-time buyers
  • Also available (until April 1st 2021) if your household earns under £80,000 annually (under £90,000 outside London)
  • You pay a mortgage on your share of the property
  • Shared ownership will always be a leasehold agreement

Helping you get your foot on the housing ladder

HERE’S WHAT WE’LL DO:

  • Work with you to understand your help-to-buy mortgage needs
  • Discuss your current income and expenditure, and ensure that you meet all qualifying criteria for a help-to-buy mortgage
  • Consider whether shared ownership or an equity loan is the best option
  • Research the whole of the mortgage market to find the right lender for you
  • Make your help-to-buy mortgage application as strong as possible
  • Protect your credit rating as much as possible during the application process
  • Manage the application process on your behalf to ensure speed and efficiency

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    The guidance and/or advice contained within this website is subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK. Maplewood Mortgages is a trading style of Global Financial Ltd; a member of Best Practice IFA Group Ltd which is authorised and regulated by the Financial Conduct Authority. Details can be found at www.fsa.gov.uk under reference number 506634. Global Financial Ltd is registered in England, no. 00922704.

    The Financial Ombudsman Service (FOS) is available to handle individual complaints that financial services businesses and their clients are unable to resolve. To contact FOS please visit us at www.financial-ombudsman.org.uk