Help To Buy Mortgages Ashford Kent

Ashford Based Help To Buy Mortgage Specialists

Now you’ve found your dream home, we can help you secure it!

Entering the property market in the UK can be difficult for first-time buyers. It is estimated the average cost of a comfortable family home in the UK is set at over £300,000. Consequently, most buyers are priced out of the market.

Help to Buy mortgages, also known as Equity Loan Schemes, can provide a solution. The government initiative provides buyers with a zero-interest loan for five years so that you can take out a lower mortgage lenders are more likely to approve.

The Equity Loan Scheme enables you to reduce your mortgage from 95% to 75% outside London and 55% in London. Borrowers must be able to place a 5% deposit whilst the other 20% (40% in London) is sourced through a government loan.

A Help to Buy mortgage is an effective solution that can help first-time buyers get on the property ladder or help families buy a bigger home that is more suited to your lifestyle and the number of family members living under the same roof.

Our mortgage specialists are experts in new-build purchases. Not only can we help you find an attractive equity loan deal but also help you complete the application form, liaise with lenders and handle all the paperwork – and all at zero cost to you!

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So What Exactly Is a Help To Buy Mortgage?

The Help to Buy Equity Loan scheme is a government-backed initiative that helps UK residents purchase a suitable property. Applicants must pass the usual mortgage stress tests, but with the government loan, your chances of being approved by lenders are significantly increased.

Applicants that qualify for a Help to Buy mortgage are given a loan of up to 20% by the government. Homebuyers in London are entitled to apply for loans up to 40%. The government loan is interest-free for the first five years.

To qualify for a Help to Buy mortgage, you must be a UK resident and be able to make a downpayment of at least 5% of the purchase price. This gives you a 25% deposit (or 45% if buying in London) which means you only need a mortgage to cover the cost of the remaining 75% outside London or 55% in London . Consequently, mortgage lenders are more likely to approve your application.

The maximum cost of the property you can lend against must not exceed £600,000 (subject to regional price caps). Furthermore, you must be a first-time buyer and you must commit to living there. If you have other properties you are not eligible for a Help to Buy mortgage. Also, the property you are buying must be a new-build. This type of mortgage is not available on second-hand properties.

Speak With Our Kent Based Help to Buy Mortgage Experts

Help to Buy mortgages can be complex and confusing. Moreover, these types of mortgages are difficult to find at attractive rates through traditional channels. Freedom Mortgage & Protection Services specialise in finding attractive Help to Buy mortgages and have access to the a comprehensive range of mortgage products from across the market so you have more options.

What’s more, our experience in the new-build mortgage market means we can ensure you provide lenders with the relevant forms and information. We also calculate how much you can expect to borrow so you have more flexibility in the property market – and more opportunities to find your dream home!

We can also arrange insurance and protection products that safeguard your financial security should you be unable to work due to illness or accident.

To enquire about a Help to Buy mortgage, contact our friendly and professional team today and speak to one of our knowledgeable advisors.

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