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Wednesday 28 April 2021
Wednesday 28 April 2021
Wednesday 28 April 2021
Wednesday 28 April 2021
Are you looking for a Help to Buy mortgage? At Barrett Mortgages, our dedicated team is here to guide you through the process, making it easier for you to step onto the property ladder. The Help to Buy scheme is specifically designed for individuals who might otherwise find it challenging to afford their first home.
What is the Help to Buy Scheme?
The Help to Buy scheme is a government-backed initiative aimed at helping buyers purchase newly built homes. Here’s how it works:
Deposit: You need to save a minimum of 5% of the property price.
Equity Loan: The government provides a loan of up to 20% of the property’s purchase price.
Price Caps: The maximum property price varies by region. In the south:
South-East: £437,600
South-West: £349,000
Eligibility: The property must be purchased from a registered home builder.
Key Details of the Equity Loan
Interest-Free Period: No interest is charged on the loan for the first five years.
Interest-Only Payments: Starting in year six, interest payments begin but do not reduce the loan amount.
Repayment Flexibility: You can repay part or all of the equity loan at any time. Partial repayments must cover at least 10% of the home’s current market value.
Tips for First-Time Buyers
Save a Larger Deposit:
Save as much as possible to reduce the amount you need to borrow.
A larger deposit also makes your mortgage more affordable in the long term.
Reduce Monthly Outgoings:
Minimise expenses to improve your affordability and maximise your ability to save.
Clear or Minimise Debt:
Pay down existing debts to demonstrate financial responsibility to lenders.
Ensure Regular Income and a Clean Credit Score:
Steady income and good credit are critical factors in securing mortgage approval.
Why Choose Barrett Mortgages?
At Barrett Mortgages, we specialise in providing tailored mortgage solutions to meet your individual needs. Established by Darren Barrett in 2009, our professional finance brokerage has helped countless clients during challenging market conditions.
What Sets Us Apart:
Expertise: Fully qualified, experienced staff committed to exceptional service.
Transparency: Honest and upfront advice with no pushy sales tactics.
Reputation: We thrive on client referrals, reflecting our dedication to excellence.
Get in Touch
Ready to explore your Help to Buy options? Contact Barrett Mortgages today to learn how we can help you secure your dream home.
Phone: 01202 733809
Visit: Our office in Poole, Dorset.
Online: Use our contact form for convenient assistance.
Let Barrett Mortgages help you turn your homeownership dream into reality.
Are you looking for a Help to Buy mortgage? At Barrett Mortgages, our dedicated team is here to guide you through the process, making it easier for you to step onto the property ladder. The Help to Buy scheme is specifically designed for individuals who might otherwise find it challenging to afford their first home.
What is the Help to Buy Scheme?
The Help to Buy scheme is a government-backed initiative aimed at helping buyers purchase newly built homes. Here’s how it works:
Deposit: You need to save a minimum of 5% of the property price.
Equity Loan: The government provides a loan of up to 20% of the property’s purchase price.
Price Caps: The maximum property price varies by region. In the south:
South-East: £437,600
South-West: £349,000
Eligibility: The property must be purchased from a registered home builder.
Key Details of the Equity Loan
Interest-Free Period: No interest is charged on the loan for the first five years.
Interest-Only Payments: Starting in year six, interest payments begin but do not reduce the loan amount.
Repayment Flexibility: You can repay part or all of the equity loan at any time. Partial repayments must cover at least 10% of the home’s current market value.
Tips for First-Time Buyers
Save a Larger Deposit:
Save as much as possible to reduce the amount you need to borrow.
A larger deposit also makes your mortgage more affordable in the long term.
Reduce Monthly Outgoings:
Minimise expenses to improve your affordability and maximise your ability to save.
Clear or Minimise Debt:
Pay down existing debts to demonstrate financial responsibility to lenders.
Ensure Regular Income and a Clean Credit Score:
Steady income and good credit are critical factors in securing mortgage approval.
Why Choose Barrett Mortgages?
At Barrett Mortgages, we specialise in providing tailored mortgage solutions to meet your individual needs. Established by Darren Barrett in 2009, our professional finance brokerage has helped countless clients during challenging market conditions.
What Sets Us Apart:
Expertise: Fully qualified, experienced staff committed to exceptional service.
Transparency: Honest and upfront advice with no pushy sales tactics.
Reputation: We thrive on client referrals, reflecting our dedication to excellence.
Get in Touch
Ready to explore your Help to Buy options? Contact Barrett Mortgages today to learn how we can help you secure your dream home.
Phone: 01202 733809
Visit: Our office in Poole, Dorset.
Online: Use our contact form for convenient assistance.
Let Barrett Mortgages help you turn your homeownership dream into reality.
