HELP TO BUY MORTGAGES
The Equity Loan is a Help to Buy Mortgage and is one of two Help to Buy Schemes provided by the government. The Help to Buy equity loan applys to first-time buyers and buyers looking to buy a newly-built home.
There are some key elements to this process. You must have had your affordability checked and your help to buy equity loan agreed before making any application to a mortgage lender.
Usually once you have found a property, the developer will ask for a deposit to reserve the property. You will be provided with a “reservation form” which holds all of the information required to obtain your help to buy equity loan.
To apply for a help to buy equity loan a “PIF” (Property Information Form”) will need to be completed.
Thankfully Mortgage Chain are a trusted broker for this scheme and are a featured provider of help to buy mortgages on the governments help to buy website – >> HERE so when it comes to Help to Buy, we are proven experts at knowing the help to buy mortgage process inside out and have access to all of the relevant forms.
Help to Buy: Equity Loan
An equity loan is a type of Help to Buy Mortgage.
With a Help to Buy Mortgage: Equity Loan the Government lends you up to 20% (Outside of Greater London) and up to 40% (Within Greater London) of the cost of your newly built home, so you’ll only need a 5% cash deposit.
You won’t be charged loan fees on the help to buy equity loan for the first five years of owning your home.