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Help to Buy Mortgage Advice in Halifax

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Help to Buy Mortgage Advice in Halifax
Across All Schemes

For some buyers, when it comes to buying their first home or a newly built home, there is a struggle to match the required minimum deposit. The government noticed this and offered a solution to help First Time Buyers afford to move into a newly built property. This was called “Help to Buy”, and it was made to give buyers the boost they needed to begin their mortgage journey.


There are lots of different Help to Buy schemes to wrap your head around, however, there are two that seem to stand out when compared to the rest of them: Help to Buy Shared Ownership and the Help to Buy Equity Loan.


How does the Help to Buy Shared Ownership Scheme work?

How does the Help to Buy Equity Loan Scheme work?

The Help to Buy Equity Loan is the most popular scheme. To put it simply, once you make up a 5% deposit, the government will give you an extra 20%, bringing your total deposit to 25%. This means that you are only paying a 75% mortgage. This is extremely useful if you are First Time Buyer in Halifax who is struggling to get onto the property ladder.


It isn’t this easy though, the 20% that the government give you is a loan as well, which must be paid off within 5 years of owning your home. If you are unable to meet the deadline and do not pay it off in time, the amount that you still owe will begin receiving interest. As a Mortgage Broker in Halifax, we have seen a lot of people forget about this and it has come back and caused problems down the line, so you must remember!


Here is an example for a home with a £200,000 price tag:


Help to Buy: Equity Loan scheme Example


If the home in the example above sold for £200,000, you’d get £160,000 (80%, from your mortgage and the cash deposit) and you’d pay back £40,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.


This is why speaking to your local Mortgage Broker in Halifax will be highly beneficial. For more information (including advice on fees and paying back your loan) please download our Help to Buy Buyers’ Guide (PDF): https://www.helptobuy.gov.uk/equity-loan/equity-loans/#sthash.bKMiSYhA.dpuf


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Help to Buy Mortgage Advice in Halifax

Here at Halifaxmoneyman, we work solely for you! We are determined to find you the best Help to Buy Mortgage deal that best suits your personal and financial situation. We will go over all of the schemes for you and recommend you with your best Help to Buy mortgage options. We always have your best interests at heart.


Here are some of the most common Help to Buy mortgage situations that we come across:


  • This makes it possible to buy a home with just a 5% deposit whilst Help to Buy Shared Ownership deposits are typically much lower than buying traditionally.
  • With a Help to Buy: Equity Loan, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.


Find out more information about the Help to Buy schemes available to you at Gov.uk

Why should you choose us as your Mortgage Broker in Halifax?

As a Mortgage Broker in Halifax, we assist clients with all types of mortgages, including those under the Help to Buy scheme. Once you make contact with us, we will walk you through the whole process, from start to finish.


If you have already found a new home that you want to buy that falls within the remit of the Help to Buy scheme, we will go through the paperwork with you and even liaise with the home builder or estate agent on your behalf.


Not only will we deal with your mortgage but we can also help if you need advice with regard to surveyors or solicitors.


As part of your initial free mortgage consultation, we will go through all of the figures with you so that you know exactly how much you will be paying each month.

What our customers say

Common mortgage

Our free consultation typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours. A formal mortgage offer takes about three weeks on average.

As your mortgage broker in Halifax, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.

Your free mortgage consultation in Halifax will last around one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to proceed with the mortgage.

To avoid possible disappointment, we recommend you obtain an Agreement in Principle before you begin viewing properties in Halifax. At the very latest you should obtain one prior to making an offer to assist your bargaining position.

An Agreement in Principle typically lasts for between 30 and 90 days depending on the Lender used. If your Agreement in Principle expires it can always be refreshed.

It may be possible to get a second mortgage on your home for things like debt consolidation or Home Improvements. It may also be possible to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

If you have had credit problems you can still get a mortgage but you may possibly be required to put down a higher deposit than usual, perhaps 15% of the property purchase price.

Once you have submitted at least one year’s accounts, you are able to get a mortgage. Most Lenders use your salary plus dividend to calculate the maximum mortgage, whereas others are known to go off your net profit.

You will need to have at least 5% of the sale price of your new build property in Halifax. The Government will then loan you up to 20% to the properties value.

It’s usually three payslips for an employee to prove income and the latest 2 years’ accounts for Self Employed. You will also need to produce proof of ID, address and 3 months’ bank statements.



We make it so easy!
Our 4 step process

Step 1

Give us a call and a Mortgage Advisor in Halifax will recommend the best Help to Buy scheme based on personal circumstances.

Step 2

Enjoy finding your dream home in Halifax

Step 3

Make an offer on the property and once accepted, we will progress your mortgage application.

Step 4

We will be here to answer all of your mortgage questions right through till you get your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Halifaxmoneyman.com & Halifaxmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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