Help to Buy in Cardiff – Mortgage Advice Across All Schemes
The government Help to Buy Scheme is always a very popular choice for first time buyers looking to get onto the property ladder.
With a mortgage advisor in Cardiff by your side, you’ll have a helping hand over any hurdles that come your way, and a hopefully be able to enjoy a much easier, stress-free mortgage process.
A dedicated member of our mortgage advice team will be here to provide both guidance and support, through each step of your mortgage journey. We aim to keep our customers well informed with updates or changes to their case, as well as any other important changes you need to be wary of.
Our mortgage advisors in Cardiff will always be on hand, waiting to assist with all the needs of our customers. We always strive to make the process easy to follow, ensuring you are fully aware of how a Help to Buy in Cardiff works, answering any questions you have along the way.
How does the Help to Buy Equity Loan Scheme work?
The Help to Buy Equity Loan Scheme was created by the government as a way of helping out first-time buyers.
In years gone by, this scheme was accessible by existing homeowners looking to move home, though in April 2021 the scheme was remodelled and now only first-time buyers can use it to purchase a home.
There are some main facts to remember with Help to Buy in Cardiff:
– You must have at least 5% deposit saved.
– Up to 20% of the property’s value can be borrowed from the government using their Equity Loan Scheme.
– You can only use this government scheme on a New Build property.
– The amount you borrow is purely a loan and will need to be paid back in full.
How do you qualify for a Help to Buy in Cardiff?
When you get in touch for expert mortgage advice in Cardiff, we will take a look at your circumstances to help determine whether or not you qualify for the government Help to Buy Equity Loan Scheme.
A Help to Buy in Cardiff can only be used on a New Build property that is purchased by a first time buyer. There is a maximum purchase price on the Help to Buy Scheme, that depends on the area you will be living in.
For example, in Cardiff the maximum purchase price for having access to the scheme may be quite different to what it is in London.
To learn more about the figures, please take a look at the government Own Your Home website.
In terms of the maximum mortgage amount you would have access to, that is entirely dependant on your personal and financial situation. To learn more about this, book yourself in for a free mortgage appointment today and we’ll take a look at your case.
You must always remember that under no circumstances are you allowed to purchase a second home with the help of this scheme. You are also strictly prohibited from taking part in any part-exchange or sub-letting deals on your home.
Help to Buy Shared Ownership
If the Help to Buy Equity Loan Scheme isn’t quite right for you, there is also the Help to Buy Shared Ownership Scheme. This allows you to purchase a share in a property, rather than the full amount.
Typically, we find that people will purchase between 25% to 75% of their home, though on some specific occasions you may be able to purchase a smaller percentage. The remaining percentage will be paid back as a monthly rental fee to a local authority.
If you are struggling to afford the full amount of a purchase, the Help to Buy Shared Ownership scheme can be a great tool for first time buyers to utilise, as a means of getting onto the property ladder.
To look more in-depth at the details of this scheme, get in touch with a Mortgage Advisor in Cardiff or take a look at the government Own Your Home website.
As an experienced mortgage broker in Cardiff, we have a great deal of knowledge regarding all of the schemes for Help to Buy in Cardiff. Book your free mortgage appointment and we’ll get started on your process.
How does it work?Get a quote nowMeet your advisor