Help to Buy allows homeowners to plant roots in the dazzling coastal town of Bournemouth. With Victorian architecture, dazzling locales and nightlife, Bournemouth is the place to be.
Barrett Mortgages are an approved Help to Buy lender for Bournemouth properties.
We work with lenders across the market to compare and find you the best mortgage deals available. What’s new to you is second nature to us. Our exclusive first-time buyer mortgages come with a specialist who will advise you throughout the process. Better yet, we do all the hard work when it comes to finding the best deal for you. All to make getting your foot on the property ladder just that little bit less stressful.
What is Help to Buy?
The Government-backed initiative was put in place to help people onto the property ladder. The scheme is available to both first-time buyers and existing homeowners who want to purchase a New Build home with as little as a 5% deposit.
It is only available for properties that will be occupied by the person who has taken out the mortgage. It is NOT available for those considering a buy-to-let (BTL) property. The maximum home purchase price with a Help to Buy Equity Loan is:
- £600,000 in England
- £300,000 in Wales
- £250,000 in Scotland
The Government will lend you up to 20% of the property value through an equity loan. This first came into effect in 2013 and can be repaid at any time during the loan term or on the sale of your home. However, you will need to secure up to a 75% mortgage to complete your Help to Buy in Bournemouth. There are two ways to purchase a property using Help to Buy.
An Equity Loan
An equity loan is only available on New Build properties. Like the mortgage guarantee, all that’s needed is a 5% deposit. However, this scheme offers a 20% equity loan from the government that goes towards your deposit. This means that you’ll only need to apply for a 75% mortgage. This loan is between you and the government and remains interest-free for the first 5 years. If you manage to pay it back within the first 5 years, you will not incur any interest.
This is a scheme between the lender and the UK government. It is available on both pre-owned and New Build properties under £600,000. All that’s needed is a deposit as little as a 5% to secure a standard mortgage of up to 95% of the purchase price. The scheme makes it possible for more people to buy or move. Previously, individuals had struggled to raise a deposit big enough to secure a mortgage.
Get in Contact . . .
At Barrett Mortgages, our friendly advisors can help you decide which Help to Buy scheme is the best option for your dream Bournemouth home. Have any further questions? Please feel free to get in touch by calling 01202 733809 or use our contact form. You are also welcome to pop into our office based nearby on Ashley Road in Poole, Dorset.