Help to Buy

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Your initial mortgage consultation is free of charge.  There may be a fee for arranging your mortgage, dependant on your circumstances, a typical fee would be £349.00 which would become payable on application.  If a fee is charged and your application does not proceed to offer, we will refund the fee in full.

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At Opal Financials Ltd, one of our professionally qualified mortgage experts will help you to understand the mortgage market.

The Government’s Help to Buy schemes are aimed at encouraging more first time buyers to step onto the property ladder and for existing home owners to move up the ladder. This is particularly good news for buyers with small deposits (5% or over).

There are two Help to Buy schemes:

1. Equity Loans on New Builds

This began in April 2013 and allows purchasers of certain new build properties valued up to £600,000 to borrow up to 20% of the property’s value from the Government. You will require your own deposit of between 5% and 20%. These loans are interest-free for the first five years, after which, you will have to pay a monthly administration fee of 1.75% of the loan. Please note terms and conditions apply

2. Mortgage Guarantee

The second phase of the Help to Buy scheme began in October 2013 and is aimed at encouraging banks and building societies to offer mortgages to homebuyers with deposits between 5% and 20%. This scheme is not restricted to new-build properties. To make these loans less risky to the lender, the government guarantees to pay the lender up to 15% of the property value if you default on the loan. This scheme should ensure that more mortgage deals are available for borrowers with a 5% deposit. Terms and conditions apply. These schemes have the following eligibility criteria;;

  • Existing home owners and first time buyers
  • Buyers with a minimum deposit of 5% of the purchase price
  • Available on properties up to £600,000
  • Must not be a second home
  • Available to British citizens
  • The equity loan Help to Buy scheme is only available for properties in England, however the Help to Buy mortgage guarantee scheme is available for properties in the UK
  • Terms and conditions apply
 

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