Looking for a mortgage broker in Poole? We can help you with all of your mortgage needs. Barrett Mortgages is a professional finance broker with offices in Poole. Get your mortgage from a preferred selection of reputable industry leaders. Fed up with high-pressure tactics from large corporate companies. Barrett mortgages were created by founder Darren Barrett in 2009 where the market was seeing some of the hardest conditions ever. The clear, trustworthy, honest and upfront service offered by Barrett mortgages has meant our business has thrived during these times when clients have needed more individual and specialist help.
We have so many services available for you to take advantage of, one of which is first-time buyers using the help to buy scheme. With this scheme, you can borrow a minimum of 5% and a maximum of 20% of the full purchase price of the property. This must be with a registered home builder for the help to buy scheme. In the south, you are able to get a home up to 349 thousand pounds and if you live in the west you can get a property worth 437 thousand pounds with the scheme. The loan, the deposit you have saved and the repayments towards the mortgage will cover the cost of buying your newly built home. The percentage of which you borrow is based on the market value of your home when you buy it. With the equity loan for the five years, you don’t pay any interest on what you owe. In year 6 you will start to pay for the interest on the loan but you will not reduce the amount you owe. This is because the loan is interest-only and to pay off this loan you must pay it in full or 10% of what your property is worth at the time of repayment.
When you are looking at using the help to buy scheme, you still need to prepare months before you go looking for houses you want to buy. You still need a decent deposit even with this equity loan. Things to keep in mind when you are starting to prepare for moving out. Firstly you want to make sure you are able to save a good sum of money each month from your paycheck; This may mean you have to reduce your outgoings to be able to have more funds to use. Having no or little debt will look good as you won’t have any other large amounts of money to repay as well as a mortgage. Receiving a regular income will also be a great way to show the mortgage lender that you will have a constant stream of income to repay the mortgage with.
If you want to know more about mortgages and what you can get please make sure you get in contact with us.