Whilst it is widely accepted that there is a national housing shortage, the Government has launched several schemes over the years under the “Help to Buy” banner designed to get people onto the property ladder should they wish to do so.
Unfortunately calling all the schemes Help to Buy has caused confusion amongst consumers, so here’s an overview on what’s out there right now.
If you’re in the armed forces, you can borrow up to 50% of your salary, up to a maximum of £25,000 interest-free towards a new home.
There are lots of options available to you. It’s a good idea to get hold of your Accountant and also to speak to a Mortgage Broker in Harrogate for advice.
There may be options available to you even if you have a poor credit score. Mortgage lenders are becoming increasingly competitive on criteria and many challenger banks are entering the market.
A minimum of 5% as a rule.
Yes, family members and sometimes friends can gift (not loan). This is a popular way of First Time Buyers to get on the property ladder. In a recent Government Survey, 27% of such buyers relied on family and friends to help with a deposit.
The Help to Buy Scheme and the Forces Help to Buy Scheme are for First Time Buyers in Harrogate.
The first stage would be to have a free mortgage consultation to work out your maximum borrowing and also to get a Mortgage Agreement in Principle Certificate so you are in a strong position to make an offer. Once you have this in place you’ll be a “Qualified Buyer”, the next step is to go and view houses!
For more information and further terms and conditions about any of the above schemes please refer to the helptobuy.gov.uk website.