First Time Buyer Mortgages
This is a big and exciting step for anyone going down the house purchasing route for the first time. As I am sure you will know, this is likely to be one of the biggest financial commitments that you are likely to make and it has to be right for you.
Please note: due to the Covid-19 pandemic, changes to mortgage lending criteria are happening regularly. We are here to help keep you up to date. Please check out our Covid-19 Support page for any questions you may have that could potentially affect your mortgage or future application.
Acclaimed Mortgage Consultancy we will arrange to have a meeting, which does not commit you to anything so that we can chat through your requirements. We will explain the deposit that is required for the purchase of any property that you might have in mind and the level of borrowing that you might be able to achieve based upon your current circumstances.
We will also carefully assess the overall affordability of your taking on the mortgage commitment. At the end of the day whilst you want to enjoy your new home, you still want to enjoy your lifestyle. We will discuss this with you when we review your finances and what you want to achieve going forward.
How did Sandy help? View from our client.
“Sandy asked comprehensive questions which enabled her to advise what property we could afford whilst still enjoying a quality of life. She completed the complex HTB application forms and also obtained a fantastic mortgage deal for us. When our solicitor delayed Sandy actively chased on our behalf, liaising between the developers, HTB and the mortgage provider. So just when we thought our property had been lost due to our incompetent solicitor Sandy and her team worked so hard to ensure we achieved completion.
Sandy Ameer-Beg is the Fairy godmother of Financial advisers. She did everything possible and we couldn’t have wished for a better Financial advisor.”
New Help to Buy Scheme Information
The Government’s Help to Buy Equity Loan scheme was launched more than seven years ago and has been a huge help to get people onto the property ladder.
However, the scheme was only ever intended to be a temporary way of helping buyers, and as such the Government are planning to phase out the Help to Buy scheme which will completely end in March 2023.
The first big change is that from 1st April 2021 a new Help to Buy England scheme will be launched which will only be available to first-time buyers purchasing a new build property (the changes don’t apply to the Help to Buy schemes in Scotland or Wales). As with the current scheme, the Government will lend buyers up to 20% of the cost of a newly built home, or up to 40% for those purchasing in Central London.
The second big change to Help to Buy England is the introduction of regional property price caps, with each area of the country having a maximum property value that will be eligible for the scheme as illustrated below:
|Region||Price cap for Help to Buy homes
April 2021 to March 2023
|Yorkshire and The Humber||£228,100|
|East of England||£407,400|
If you would like to know more about the Help to Buy Scheme, don’t hesitate to get in touch.
Get your FREE credit report today!
One of the important aspects of gaining your mortgage is your credit report. It is one of the factors that will be considered on how much you will be allowed to borrow.
We advise using CheckMyFile to review your credit file as a simple way to access your data.
Looking for something else?
Home Mover Mortgage
If you are looking to move home and want to see how much you can borrow, together with the associated costs of moving, then look no further.
Help to Buy
The Government has introduced “incentive schemes” such as the Help to Buy Equity loan, which is only applicable for new build properties. This is available for first-time buyers and movers.
It is vital that you protect that investment you will be working hard to maintain in the years ahead. As no one can predict the future, we would recommend that you consider protection that will help secure your investment.