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Specialist Help to Buy mortgage advisors.

Your first home is waiting for you. Our team of expert advisors are here to support your unique journey and explain all the ins and outs of Help to Buy.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best Help To Buy Mortgage Deal For Your Circumstances

Mortgages for the Help to Buy equity loan scheme are designed to help first time buyers to get on the property ladder. Normally arranged through a developer and only available on new build homes, this scheme is perfect for those whose affordability doesn’t quite cover the price of the house they wish to buy. Our specialist affordable housing mortgage advisors are here to help you get started with this scheme. Whether you’ve been previously declined, have adverse credit, or just don’t know how to proceed, our expert team can take away the hassle and make buying your first home stress free.

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Helping you get started.

If you’ve never owned a home or applied for a mortgage before, the process can seem daunting. Never fear; our team of friendly, approachable mortgage advisors are here to reassure and support your application. With us, you don’t have to worry about making a mistake or getting things wrong; we’ll ensure you are fully informed and supported at every stage of your journey.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

What is the Help to Buy scheme?

Help to Buy is a government scheme intended help first time buyers get on the property ladder by lending up to 20% of the purchase price, or 40% if you are buying in London. This is classes as an equity loan, and will need to be repaid when you remortgage or sell the property in the future. After 5 years, interest is charged on the loan which is normally in line with the Retail Price Index (RPI).

Who is eligible for the Help to Buy scheme?

To qualify for Help to Buy, you must be a minimum of 18 years of age and have never owned a property before. The property you are buying must also be a new build home, and be in the regional price cap for your area. Your Help to Buy Agent will also run an eligibility calculator, taking into account monthly income, outgoings and household bills. If you are married, in a civil partnership, or co-habiting relationship, you will need to submit a joint application. Still not sure if this is the right route for you? Speak to our expert team of mortgage advisors and we’ll explain everything you need to know.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

Is Help to Buy only available on new builds?

Yes, you can only buy a new build home through Help to Buy; that is, a completely new property that has not been lived in before, and may still be owned by the developer. The property you purchase but also be in line with regional price caps. In London, for example, this is available on new build homes up to £600,000. For more information about what the parameters of your Help to Buy property search should be, don’t hesitate to give our team a call!

Do I need my own deposit for the Help to Buy equity loan scheme?

Through help to buy, first time buyers can borrow up to 20% of the purchase price from the government, but they will need to put down a minimum 5% deposit themselves. The remaining 75% can be borrowed from a mortgage lender, and our team of advisors can help you find the perfect fit for your situation. Of course, a bigger deposit than 5% will do wonders to improve your chances, but 5% will be perfectly sufficient.

Frequently Asked Questions

When do you have to pay back the Help to Buy equity loan?

Equity loans generally must be repaid after 25 years, the end of your mortgage period, or earlier than this if you sell your home. You must repay the same percentage of the property’s value as the initial equity loan. For bespoke guidance on the implications of Help to Buy, talk to our friendly team. We’ll discuss your current circumstances and help you get started with this scheme. With our help, achieving your first home is easier than you think!

Getting to grips with buying a property as a first time buyer can be tricky! Here’s a break down of how the Help to Buy scheme works to clear up any confusion:

  • Once your trusted mortgage advisor has ensured you are the right fit for Help to Buy, we’ll help you apply for a decision in principle in order to evidence your ability to obtain a mortgage before searching for a property.
  • Begin your hunt and reserve a new build property with a builder registered under the scheme. To do this, you will generally have to pay a fee of up to £500.
  • Property reserve and eligibility assured, you now need to apply for the Help to Buy scheme online with your local Help to Buy agent.
  • Once the agent has processed your application, they will issue you with an ‘Authority to Proceed’ document, allowing you to progress through to exchange of contracts.
  • Once you have agreed your mortgage, solicitors have issued their paperwork, and your home is built, the Help to Buy agent will issue a ‘Transaction Confirmation’. This will allow completion to take place and the lender will transfer funds to your solicitor who will then send them on to the builder.
  • Once legal completion has taken place, your equity loan administrator will manage your loan account until it is paid in full.

You will have to pay back your Help to Buy equity loan in its entirety, but you don’t have to do this all at once. An equity loan via this scheme is interest free for the first 5 years. Once these have passed, you will be charged interest on the loan, typically at a rate of 1.75%, but this can rise in line with RPI by another 1% each year. If you don’t want to start paying interest on this loan, you will need to remortgage your property to raise the extra money to pay it off. A specialist mortgage advisor can help to understand your options and proceed in the best way possible.

Bad credit is never ideal, but there are specialist lenders out there who will be happy to consider your Help to Buy mortgage application, even with poor credit. Call us today and we’ll take the time to understand the complexity of your adverse credit, then recommend the best way forwards. From supporting your application to seeking out the most appropriate deals for your situation, we take the stress out of your first mortgage.

Expert advice for Help to Buy equity loan scheme.

When the Bank Says No is a team of expert affordable housing mortgage advisors specialising in Help to Buy. We’re passionate about helping first time buyers get on the property ladder with confidence and composure. All over the UK, people who didn’t think they were ready to buy have achieved their first property with our support and guidance. If you’re ready to start your journey, we’re ready to show you the way.

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