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About The Mortgage

Help to Buy Mortgages

The government has created a number of schemes under the Help to Buy umbrella aimed to assist both first time buyers and home movers.

Amber Mortgage Solutions can help you decide which scheme is best suited for you and guide you through the application process.

Moving Home Mortgage
No hassle Help To Buy Mortgage solutions

How We Work

  • To start with please either call us or complete the above application form. 
  • One of our mortgage consultants will be in touch with you to discuss your application. 
  • After we have your details, we will search the market for the best schemes to suit you. 
  • We will then talk you through the details of your Help To Buy mortgage. 
  • 100% Secure, Confidential and hassle free.

What are the Help To Buy Mortgage Schemes?

Help to Buy Shared Ownership

The shared ownership scheme allows people to buy a share in their home even if they cannot afford a mortgage on the entire value of the property.

The buyer purchases a share of the property – usually 25%, 50% or 75% – and the remaining balance is owned by a government-backed housing association. More often than not, the homeowner will then pay rent on this balance.

If your circumstances change and you can now afford more, then you can increase your share in the property. For example, if you start out with a 25% share then you can increase this to 50%, 75% or with some schemes, this can be increased to 100%, giving you full ownership. As your share in the property increases, the rent you pay to the housing association will decrease accordingly.

People seeking a shared ownership mortgage also need to be aware that only properties offered by participating government-backed housing associations, typically new builds, can be purchased under the scheme.

Find out more about the Shared Ownership Scheme.

Who Can Apply For a Help To Buy Shared Ownership Mortgage?

Those who can apply for a mortgage under the shared ownership scheme include:

Moving Home Mortgages
Helping you get the keys to your new home with help To Buy Mortgage solutions.
  • First-time buyers 
  • People who have an existing mortgage under the shared ownership scheme and wish to move property 
  • People who have previously been homeowners, but do not own a property now and cannot currently afford to buy one 
  • People who earn less than £80,000 per annum (£90,000 for those living in London) 

Whilst the criteria for shared ownership is considered very flexible in terms of lending high loan to values, it is still important that you are able to demonstrate that you can afford your mortgage and rental payments, as well as put down the required deposit.

Help to Buy Equity Loan

Under this scheme the government will lend you up to 20% of the cost of your newly built home. The purchaser will need to put down a 5% deposit and arrange a 75% mortgage to cover the rest.

One key thing to note under this scheme is that no loan fees on the 20% will be charged for the first 5 years of owning your home. Also, to reflect the property prices in Greater London, the equity loan available has been increased from 20% to 40%.

If you were to sell your property then you will need to pay back 20% of the sale value to the government.

The scheme is available to both First Time Buyers and Home Movers, the property being purchased must be a newly built home with a price tag not exceeding £600,000. The scheme is not available to those looking to buy a property in addition to their existing.

Amber Mortgage Solutions team of specialists can help guise you through the process of applying for a Help to Buy equity loan.

Help to Buy ISA

If you are at the saving for your deposit stage then it’s a great idea to check out the governments help to buy ISA.

If you save money using the Help to Buy ISA the government will boost your savings buy 25%, you cans save up to £200 a month and will receive a £50 bonus.

The maximum amount you can receive is £3,000 and that is based on £12,000 savings.

To qualify for a Help to Buy: ISA you must:

  • be 16 or over 
  • have a valid National Insurance number 
  • be a UK resident 
  • be a first time buyer, and not own a property anywhere in the world 
  • not have another active cash ISA in the same tax year: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps. 

To qualify for the government bonus, the property you are buying must:

  • be in the UK 
  • have a purchase price of up to £250,000 (or up to £450,000 in London) 
  • be the only home you will own 
  • be where you intend on living 
  • be purchased with a mortgage

If you have any further questions do not hesitate to call Amber Mortgage Solutions on 01702 619221.

How to Access Your Credit Report

Frequently Asked Questions

Bad Credit Mortgage Solutions

Want a Mortgage With Bad Credit? Find Out How

Worried about how your credit score may impact you chances of getting a Shared Ownership mortgage?

We understand that a history of Bad Credit can make finding a lender willing to provide a mortgage tricky.

However at Amber Mortgage Solutions we consider everyone. So regardless of your Bad Credit score, our specialist mortgage advisors can help you to find the best deals on the market and access an affordable Bad Credit Shared Ownership mortgage to suit your personal circumstances.

We have created the below frequently asked questions to answer those tricky questions.

For more information on securing a Shared Ownership mortgage with bad credit.

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Quick FAQs

Take a look at our extensive FAQ section

For the answers to some of our most commonly asked questions, below.

 

Do I have to pay Stamp Duty?

When you purchase a share of a property on a shared ownership scheme then you may be required to pay Stamp Duty. Stamp Duty Land Tax is required to be paid on purchased properties over a set amount – currently over £125,000 – in England and Northern Ireland. This can be done either as a one-off payment based on the total market value of the property or you can choose to pay Stamp Duty in stages. If you do decide to pay in stages, you will only be required to make one payment towards this at the time of the first purchase, and then no further payments will need to be made until you own 80% share or more of the property.

What type of property can I purchase?

With the shared ownership scheme you’re able to purchase properties owned by a government-backed, qualifying body. Generally this can mean housing association and local authority homes. Shared ownership homes are also always leasehold.

What is the minimum and maximum share I can purchase?

The minimum share of a property that you can purchase on a shared ownership scheme is 25%. The maximum share that you can purchase is 75%. If you want to own more than this, then the next step would be to purchase the property outright.

Can I purchase more shares at a later date?

Once you have purchased the minimum 25% share of a property, you can go on to purchase more shares in the property up to a maximum of 75% - this is called ‘staircasing.’ It is worth remembering that when purchasing more shares in a property, the cost will always be based on the property’s current valuation. So this may cost more or less than what you initially paid for your original share, depending on whether the property’s value has increased or decreased.

How is the amount of rent to be paid calculated?

The amount of rent you pay will be calculated depending on the individual housing association or local authority you buy with, based on the percentage of the kept equity – usually 3%. Consider this simple example - if you purchased a 50% share of a £200,000 property then the kept equity would be £100,000, the amount on which you would be paying rent. Based on a standard rent calculation of 3%, this would make the cost of annual rent £3,000.

What happens if I sell the property?

If you decide to sell your share of a shared ownership property, then you will be subject to certain restrictions. Firstly, the co-owners or local authority or housing association, would have the right to buy your share directly. If not, they may have the right to find a buyer themselves. Once the property has been valued, a contract of sale has to be signed and a solicitor found to oversee what is known as the ‘nomination period’, a two month time frame in which the local authority or housing association can try to find a buyer for your share of the property. If the property is successfully sold during this period, then you will receive all information before the sale proceeds. However, if your co-owner is unable to find a buyer within the nomination period, then you are free to attempt to sell the property yourself either privately or with the help of an estate agent. If no buyer is found, you may then be giving the option to buy out the shares of the property yourself, then go on to sell the entire property as its full owner. This type of purchase and sale can be referred to as ‘simultaneous staircasing’.

Where do I start?

Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the mortgage you need. We’re here to help you, not judge you, so call us on 01702 619 221.

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