The Government will lend you up to 20% ( up to 40% in London ) on a low interest loan towards your deposit. This is called an equity loan.
You need a mortgage of up to 75% for the rest (up to 55% in London)
You must purchase the property from a registered Help To Buy Builder – your Help to Buy agent should have a list.
You will have to pay equity loan fees, but not for the first 5 years
You must repay the loan after 25 years
You can repay part of the loan, at any time, with a minimum lump sum of 10% of the loan
One of the very positive points of using the Government Equity Loan plan is the very attractive aspects that you will enjoy from the impact that the scheme has on the Bad Credit that the lender will accept. The lender will base their decision to lend based on a 75% LTV mortgage where they can be a little more flexile with the underwriting and the terms of the mortgage will reflect the lower risk to the lender and are therefore more attractive.
More Information about Help to Buy Equity Loans
You may be able to get financial help from the government to buy a home.
If you’re aged 55 or over you can buy up to 75% of your home through the Older People’s Shared Ownership (OPSO) scheme. Once you own 75% you won’t pay rent on the rest.
You can apply for a scheme called home ownership for people with a long-term disability (HOLD) if other Help to Buy scheme properties don’t meet your needs, for example you need a ground-floor property. With this scheme you can buy up to 25% of your home.
If you’re disabled you can also apply for the general shared ownership scheme and own up to 75% of your home.
Buying more shares
You can buy more of your home after you become the owner. This is known as ‘staircasing’.
The cost of your new share will depend on how much your home is worth when you want to buy the share.
It will cost:
more than your first share if property prices in your area have gone up
less than your first share if property prices in your area have gone down
The housing association will get your property valued and let you know the cost of your new share. You’ll have to pay the valuer’s fee.
Selling your home
If you own a share of your home, the housing association has the right to buy it first. This is known as ‘first refusal’. The housing association also has the right to find a buyer for your home.
If you own 100% of your home, you can sell it yourself.
A fantastic service run by fantastic people. Always kept us updated a long the way from getting our mortgage offer all the way to completion, topped off by a lovely gift! Thank you Michael and Karen for everything you have done for us. Dan and Chantelle – Dan Webb – Reviews.co.uk
Fixed Rate Mortgages
We can help with a range of fixed rate mortgage products with competitive rates and terms.
Whether you have been discharged 3 years or 12 months – it doesn’t matter, we can help.
We’ve been helping discharged bankrupts get back on to their feet and back on to the property ladder despite their circumstances. Arranging a bad credit mortgage or mortgage product for discharged bankrupts is a scenario we regularly deal with. Even if you have a history of bankruptcy and resposession we have access to whole of market lenders who will consider your application on various factors.