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Help to Buy is a widely used scheme that makes it easier to put together a decent deposit on a property purchase and access more competitive mortgage deals.
While Revolution receives many enquiries about finding the best Help to Buy offers, we also deal with lots of queries about using the scheme more than once.
Here we'll answer all of those questions, and all you need to know about the scope of the Help to Buy system.
For more information and advice, give us a call on 0330 304 3040, or email the team at info@revolutionbrokers.co.uk.
It depends which Help to Buy scheme you have used; some of the previous initiatives, such as the Help to Buy mortgage guarantee, and the Help to Buy ISA have been discontinued.
Other programmes remain current, so you need to know which scheme you have used in the past. That could be a Help to Buy equity loan, one of the discontinued schemes, or an alternative initiative such as shared ownership, or a bank product designed to help first-time buyers.
Help to Buy equity loans are one of the most popular options and are open to first-time buyers and home movers who are buying a new primary residence. If you already own a property, you need to have a confirmed sale of that home before you can apply.
If you have owned a property before, but since sold it, you can still apply for Help to Buy - although, from 2021, only first-time buyers will be accepted.
As long as a previous Help to Buy equity loan has been repaid, you can apply to use the scheme for a second time - although, don't forget that if you have owned a previous property and are no longer a first-time buyer, you won't be eligible from 2021 onwards.
It can indeed; if you are a couple, and want to buy a home, you can apply together and combine your income to meet mortgage lender affordability requirements.
Note that from 2021, if either member of the couple has owned a property before, you will not be eligible.
This is also possible; if you have a Help to Buy mortgage and want to refinance, or look for a mortgage with cheaper rates, there is no reason you can't do so.
If you still have an equity loan balance outstanding, that will carry over to your new mortgage unless you are remortgaging to raise funds to repay it.
Shared ownership means buying the proportion of a property, and paying a lower rent on the balance. This is an excellent option for first-time buyers who want to get on the property ladder, but do not have the funds to buy a complete home.
The qualification criteria are:
In most cases, shared ownership is aimed at first-time buyers; but if you have had shares before and needed to sell them, you can reapply at a later date.
The key is to comply with the eligibility criteria for the scheme and the housing association.
You can, yes. The shared ownership lease can be in joint names as well as one - and you can apply with a friend, spouse or partner.
The combined income of both applicants must be lower than £80,000, or lower than £90,000 in London.
There are lots of different factors, which lenders will consider, and will depend on whether you are eligible for Help to Buy support:
Whether you have used a Help to Buy scheme before, are new to property ownership, or want to assess your options before you apply for a loan, give us a call on 0330 304 3040.
Mortgage advisors are independent whole-of-market brokers who can guide you through all the relevant schemes, and make sure you end up with the most competitive deals.
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.
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