Other Mortgage Schemes

There are other schemes designed to help you get onto the housing ladder. Finding the best one for you can be difficult and rather confusing.

We can explain in simple, easy to understand terms what they all are and whether they may or may not suit your circumstances. Below are the main option but feel free to call us here at DWM Mortgages to discuss all schemes?

Help to buy

This is a government equity loan scheme. You will need a 5% deposit; the government equity loan is 20% and we arrange a mortgage for the remaining 75%. This is available for new build properties only and you will not be charged any loan fees on the 20% for the first five years. After this you will start to pay the interest on the loan if do not repay it.
Help to buy is also available in London where the government can help with up to 40%, dependent on your circumstances.

 

Call us on 01803 526171 for further information on Help to Buy.

Shared ownership

This simply put is a mixture of mortgage and rent. You buy a percentage share of a property and pay rent on the rest. This is a good option for smaller deposits as finding 5% of the share is easier than 5% of the full market value. You have the option at a later date to buy further shares, also known as staircasing, so you could purchase the whole property over time, but this could be a good way to get started on the property ladder. Registering with your local housing association is a good starting point to see the sort of properties on offer and of course estate agents will also have a stock of shared ownerships for sale. All we will need is the full market value, share you are looking to purchase, rent for remaining share and the service charge applicable and we can do the affordability checks to see what your options are.

Forces Help to buy

This scheme allows service personnel to borrow, by way of an advance up to half their salary, to a maximum of £25,000 towards the deposit, legal fees, surveys, or other fees when buying a property. Most mainstream lenders will offer on this basis and the interest free loan is repayable over 10 years. These monthly payments will be included as a commitment in the affordability checks.

 

Call us for further information on all the alternative mortgage schemes.

 

Your home is at risk if you do not maintain mortgage payments.

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    Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

    Mortgage & Protection Advisors

    Searching for the ideal mortgage, insurance, solicitor or generally managing your wealth can be a daunting experience.

    As an independent broker our services & advice are impartial in helping you find the perfect financial solution that suits your needs…  Enter your details below & we’ll be able to get you on the right track straight away!

      We offer free expert advice, with no obligation!