Help-to-Buy Mortgage
Help is available from the government and would allow a first-time buyer to put it towards the cost of buying a newly built home and we can organise the mortgage for you.
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Help-to-Buy Mortgage
The help to buy scheme is a great way for first-time buyers to get on the property ladder by purchasing a Help To Buy property. Are you trying to buy your first home in London or within the UK? The Help To Buy government scheme was introduced in 2013 to respond to the perpetually increasing housing market and make the market more accessible to first-time homeowners.
Currently, the initiative offers two main aspects: the Equity Loan and Shared Ownership schemes.
Equity Loan
What is an Equity Loan mortgage? The Equity Loan is available from the government and would allow a first-time buyer to put it towards the cost of buying a newly built home up to £600,000. It is possible to borrow a minimum of 5% and up to a maximum of 20% (40% in London) of the property’s purchase price. However, this means the homebuilder registered must be registered with the scheme to apply for this support.
For the first five years, the loan is interest-free with a small management fee of £1 per month. From the sixth year, the monthly interest of 1.75% of the Equity Loan is payable, in addition to the management fee, until the loan is repaid. There are annual rate increases linked to the Consumer Price Index (CPI). Further information is available on the government website*.
* You are now leaving the Marigold Finance website. We give no endorsement and accept no responsibility for the accuracy or content of any sites linked to this site. Click on the link if you wish to proceed.
Shared Ownership
What is a Shared Ownership mortgage? The Shared Ownership mortgage offers purchasers the chance to buy a share of the home and pay rent on the remaining share. The amount available to purchase can be between 25% and 75% of the home’s value, and it is possible to increase your share of the property when it is more affordable. The requirements are that the purchasers must be a:
- household earning £80,000 a year or less outside London, or £90,000 a year or less in London and
- first-time buyer, or you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.
It is possible to take a mortgage to fund the homeowners’ share of the property or financed through their savings in both circumstances. Purchasers must understand that not all lenders cater to the Help to Buy scheme, and deals can be relatively obscure to access than regular mortgage products. The lenders will take the same precautions when assessing any mortgage applicant’s affordability, and it is essential to meet their ever-changing criteria. This is where our services will come into play. With our no-obligation mortgage advice, first-time buyers can be assured they are headed in the right direction.
How We Can Help
As mortgage and protection specialists, Marigold Finance is uniquely placed to offer Help to Buy mortgage deals. Our access to over 50 leading banks and building societies, and exclusive products offered by other specialist lenders, sets us apart from the competition. Getting the mortgage is one part of the story; it is crucial to consider protection products to ensure that you can protect your hard-earned property against unforeseen circumstances such as property damage, illness, or death.
How You Can Help
You can help the mortgage process run smoothly by being organised. We will need some essential information such as income, identity and deposit, and most importantly, you must ensure that you have the correct documents to evidence these basic requirements. These must be kept up to date with us until the purchase is complete.
Protection
As mortgage and protection specialists, we are happy to speak to you about protection requirements. These can include mortgage protection, life insurance and even income protection. Many other protection mechanisms can protect your home, so please give us a call to discuss.
Buy-to-Let Mortgage
Seasoned investor or an accidental landlord, we will source the right product for you.
Life Insurance
Minimise the financial impact of your passing by obtaining an appropriate life insurance policy.
First-Time Buyer
If this is going to be your first mortgage, we will be there every step to ensure a smooth application.
Income Protection
Want to protect your income? We can advise on policies that guard against accidents and illnesses.
Other Services
Help-to-Buy Mortgages are only one aspect that we can help. There are other alternatives and complimentary services that we offer that may of interest. Below is a small list of what we offer.
If you would like more information, do not hesitate to contact us using the meeting link below.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Some buy to let mortgages are not regulated by the Financial Conduct Authority
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