4 Schemes or Products that may be available to Help You Buy a House
When it comes to purchasing a house, there may be some schemes or mortgage products that could give you a helping hand when purchasing a house.
With every scheme or mortgage product, it will depend on whether you meet the criteria that is set out by the Government or lender.
£5,000 Deposit Mortgage
This unique product is designed to help first time buyers purchase their first home faster with just a £5,000 deposit and it’s available on Loan to Value over 95%, up to a maximum of 99%.
Who’s able to apply for a £5,000 deposit mortgage?
- At least one applicant must be a first-time buyer and have no background properties on the application
- Applicants with a minimum of £5,000 deposit
- Applicants who meet the credit score required
Are there any exclusions?
Unfortunately, you’re not eligible for this mortgage product if:
- You’re looking to purchase a flat, a new build or a property in Northern Ireland
- Applicant does not have a permanent right to reside in the UK
- You’re a Joint Borrower Sole Proprietor, Cascade Score or Boost LTI
Deposit Free – 100% Mortgage
One of our lenders has launched a new mortgage product to support those who are currently renting move onto the property ladder.
Some of the key criteria for a 100% mortgage:
- Each applicant must be a first time buyer and over the age of 21
- Must have proof of paying rent & household bills for at least 12 months in a row within the last 18 months
- Each applicant must have no missed payments on debts or credit commitments in the last 6 months
- Not available on New Build Flats
Forces Help to Buy Scheme
We have access to a large panel of lenders who accept Forces Help to Buy as a mortgage deposit.
A Forces Help to Buy scheme allows individuals to borrow up to 50% of their salary, up to a maximum of £25,000 interest free towards the purchase of their residential property. The advance can also be used to pay solicitor fees and estate agents.
If you’re a serving member of the armed forces and you’re looking for a mortgage to purchase your first residential home or looking to move to a new house (with or without a force help to buy) get in touch with us today.
Stamp Duty Tax Relief
Stamp Duty Land Tax (SDLT) is a tax to pay if you buy a property in England or Northern Ireland.
The value of your property will determine how much Stamp Duty Land Tax you will need to pay.
If you’re a first time buyer (if you’re purchasing a house with someone else, they will also need to be a first time buyer), you will get a relief from Stamp Duty Land Tax on purchases of £425,000 or below.
If you’re not buying your first home, Stamp Duty Land Tax only applies to purchases of residential properties over £250,000.
Is there any other schemes available?
To see what the latest Government schemes available are detailed on their website. visit their website. Different schemes are available depending on if you live in England, Scotland, Northern Ireland or Wales.
To learn more about the latest mortgage products that are available and what is best suited for your circumstances, this is where we believe a mortgage broker like ourselves is essential.
On your behalf, we will search the market and speak to lenders. With a wealth of experience and knowledge, we’ll do all the hard work for you.
Get in touch with our team
To speak to one of our team about your mortgage requirements, don’t hesitate to get in touch on 01270 443510 or complete our enquiry form and we’ll be in touch as soon as possible.