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Thursday 22 April 2021
Thursday 22 April 2021
Thursday 22 April 2021
Thursday 22 April 2021
Getting onto the property ladder has long been a challenge for many in Britain. However, with Help to Buy properties in Bournemouth, this process can become more accessible. The government’s Help to Buy scheme, which began in April 2021, offers financial incentives designed to assist first-time buyers in saving for a deposit and purchasing a new-build home.
How the Help to Buy Scheme Works
The scheme is exclusively for first-time buyers and includes regional property price caps to ensure it benefits those who need it most. Here’s how it works:
Equity Loan: The government provides an equity loan to cover part of the cost of a newly built home. You can borrow between 5% and 20% of the purchase price.
Interest-Free Period: You won’t pay any interest on this loan for the first five years. From the sixth year onwards, interest payments begin, but these are interest-only, meaning they won’t reduce the loan amount.
Repayment Flexibility: You can repay the loan in full or part at any time, with partial repayments starting at 10% of the home’s value at the time of repayment.
The scheme is available until March 2023 and requires purchasing your home from a registered home builder. Property price caps vary by region to reflect local market conditions.
Saving for Your First Home
Building a significant deposit is key to securing a mortgage and reducing long-term costs. A larger deposit reassures lenders, as it lowers their risk and reduces the likelihood of changes to your mortgage terms. A substantial deposit also means smaller monthly repayments, making homeownership more affordable.
When preparing to buy your first home, remember to budget for additional costs such as:
Stamp Duty
Solicitor Fees
Surveyor Fees
Moving Costs
Why Choose Barrett Mortgages?
Barrett Mortgages is a professional finance broker based in Poole, Dorset. Since our establishment in 2009 by Darren Barrett, we’ve helped countless first-time buyers navigate the complexities of securing a mortgage. Our reputation is built on clear, honest, and upfront service—qualities that have helped our business thrive during challenging market conditions.
We pride ourselves on:
Fully qualified and experienced staff who prioritise your needs.
A no-pressure approach—no pushy sales tactics, just honest advice.
A strong reputation, relying on referrals from satisfied clients.
Making Your First Home Purchase Easier
While the Help to Buy scheme offers great savings and opportunities, it’s essential to consider all aspects of your financial circumstances. Our team at Barrett Mortgages can provide tailored advice to ensure you’re fully prepared to take this big step.
Get in Touch Today
If you’re a first-time buyer interested in the Help to Buy scheme or need advice on mortgages tailored to your personal finances, contact Barrett Mortgages. Let us guide you through the process and help make your dream of owning a home a reality.
Getting onto the property ladder has long been a challenge for many in Britain. However, with Help to Buy properties in Bournemouth, this process can become more accessible. The government’s Help to Buy scheme, which began in April 2021, offers financial incentives designed to assist first-time buyers in saving for a deposit and purchasing a new-build home.
How the Help to Buy Scheme Works
The scheme is exclusively for first-time buyers and includes regional property price caps to ensure it benefits those who need it most. Here’s how it works:
Equity Loan: The government provides an equity loan to cover part of the cost of a newly built home. You can borrow between 5% and 20% of the purchase price.
Interest-Free Period: You won’t pay any interest on this loan for the first five years. From the sixth year onwards, interest payments begin, but these are interest-only, meaning they won’t reduce the loan amount.
Repayment Flexibility: You can repay the loan in full or part at any time, with partial repayments starting at 10% of the home’s value at the time of repayment.
The scheme is available until March 2023 and requires purchasing your home from a registered home builder. Property price caps vary by region to reflect local market conditions.
Saving for Your First Home
Building a significant deposit is key to securing a mortgage and reducing long-term costs. A larger deposit reassures lenders, as it lowers their risk and reduces the likelihood of changes to your mortgage terms. A substantial deposit also means smaller monthly repayments, making homeownership more affordable.
When preparing to buy your first home, remember to budget for additional costs such as:
Stamp Duty
Solicitor Fees
Surveyor Fees
Moving Costs
Why Choose Barrett Mortgages?
Barrett Mortgages is a professional finance broker based in Poole, Dorset. Since our establishment in 2009 by Darren Barrett, we’ve helped countless first-time buyers navigate the complexities of securing a mortgage. Our reputation is built on clear, honest, and upfront service—qualities that have helped our business thrive during challenging market conditions.
We pride ourselves on:
Fully qualified and experienced staff who prioritise your needs.
A no-pressure approach—no pushy sales tactics, just honest advice.
A strong reputation, relying on referrals from satisfied clients.
Making Your First Home Purchase Easier
While the Help to Buy scheme offers great savings and opportunities, it’s essential to consider all aspects of your financial circumstances. Our team at Barrett Mortgages can provide tailored advice to ensure you’re fully prepared to take this big step.
Get in Touch Today
If you’re a first-time buyer interested in the Help to Buy scheme or need advice on mortgages tailored to your personal finances, contact Barrett Mortgages. Let us guide you through the process and help make your dream of owning a home a reality.
