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Help To Buy Mortgages

Fox Davidson secure Help to Buy Mortgages for clients in Bristol, Bath & the South West of the UK. We do all the hard work and form filling on your behalf.

Bristol, England.

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Help to Buy Mortgages from Fox Davidson

Fox Davidson are an Independent Whole of Market Broker. We work with clients to secure mortgages on the Governments help to Buy Scheme’s in Bristol, Bath & the South West.

We look at both the mortgage guarantee scheme and the equity loan scheme in more detail below but if you have any questions or wish to enquire about your eligibility and borrowing potential then please do call or email us to find out more. Fox Davidson search 1,000’s of mortgage products on your behalf and we deal direct with the banks so that you don’t have to.

Our simple step by step process will get you from initial enquiry and into your new home in no time at all!

The Help to Buy Mortgage Guarantee Scheme

The Government help to buy mortgage guarantee scheme works like a standard mortgage. You would know no difference compared to taking out a high loan to value mortgage with a lender that is not part of the scheme. The real difference takes place behind the scenes as there is an agreement between the Government and the mortgage lender to lend funds with a guarantee that if the mortgage falls into arrears then the Government guarantees to pay the lender any losses.

The purpose of the scheme was to give mortgage lenders the confidence to lend at higher loan to values (up to 95% mortgages) and to stimulate the property market. Since the scheme has been launched mortgage lenders have found their confidence again and are lending at 95% without the Governments assurance.

The increased competition at 95% has resulted in rates being launched at record low rates of interest for a 95% loan to value mortgage.

The same rules apply for this scheme as they do in the Equity Loan Scheme:

  • Maximum property value of £600,000
  • On completion you can’t own any other property in the world
  • The size of the loan must be a maximum of 4.5 X Income

 

The Help to Buy Equity Loan Scheme.

The Governments Help to Buy equity loan scheme works like this:

  • Government lends you 20% @ a rate of 0% for 5 years (1.75% year 6 onwards)
  • You put in at least a 5% deposit
  • A mortgage lender lends you the remaining 75%

Launched in April 2013 the scheme has seen many thousands of borrowers including first time buyers and home movers use the scheme to purchase NEW build property.

The equity loan scheme allows you to take a mortgage product at a loan to value of 75% and therefore access better mortgage rates than would have otherwise been available at higher loan to values.

  • There is a maximum property value of £600,000.
  • On completion this must be the only property you own worldwide
  • You cannot rent out your house

The only draw to the scheme is that when you come to sell your property (or after 25 years – whichever is sooner) you will have to repay 20% of the value of your property back to the Government.

Find out more about the Help to Buy Equity Scheme here:

http://www.helptobuy.gov.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=6

The Application Process

Fox Davidson will handle the whole process on your behalf. In the first instance we will complete the help to buy application form and send it off to our help to buy partners in the South of the UK. You can find out more details about them by clicking here: https://www.helptobuysouth.co.uk/

Once the help to buy South team have approved your application then we can submit the full mortgage application to the mortgage lender. Fox Davidson will complete all of the mortgage lenders application forms for you and submit the application to the lender on your behalf.

Once the mortgage is agreed and the offer is produced then we will liaise with your nominated solicitors to oversee the legal process until you move into your brand new house or flat!

Help to Buy Equity loan Remortgage.

With the help to buy scheme having now ran for over 2 years there are many clients that took out a 2 years fixed rate and that now wish to remortgage to secure a better rate of interest or who wish to remortgage to repay some of the equity loan.

As a whole of market mortgage broker we have access to lenders that are currently lending up to 90% loan to value on a remortgage. If your property has increased in value, then you could be able to pay back a large chunk of the equity loan to the Government, thus reducing their equity share.

The Help to Buy ISA

Launched in December 2015 the Help to Buy ISA is a Government savings scheme designed to help First Time Buyers save to buy a property.

For every £200 you save the Government will contribute 25% up to a maximum of £3,000.

We encourage all First time Buyers to use the scheme if saving for a house as it is free money!

Speak to Fox Davidson about the Help to Buy schemes you could be eligible for. For mortgage advice across the South of The UK, call us on 0117 989 7950.

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