First Time Buyers ! Do You Need a Helping Hand with your Mortgage
If you don’t think you can borrow enough to buy your first home, we may be able to give you a Helping Hand.
As times have changed, it’s become harder for first time buyers to get their foot on the property ladder.
However one lender has created a fund to help those who do not think they can borrow enough to buy their first home.
The Helping Hand Mortgage
With a Helping Hand Mortgage, you might be able to borrow a little more towards your first home.
It’s available to eligible first time buyers with a 5 and 10 year fixed rate mortgage, up to a 90% loan to value.
How a Helping Hand Mortgage could work
A couple, who are eligible first time buyers, have a joint income of £50,000, a 10% deposit and no other costs impacting how much they can afford. With a Helping Hand Mortgage, they may be able borrow up to £275,000. This is compared to the £225,000 they’d be able to borrow without one.
The mortgage still gives you the ability to overpay up to 10% of the loan amount each year without incurring an Early repayment Charge. After the deal period ends you move onto the standard mortgage rate, you also have the option to switch to a new mortgage deal.
To be eligible for a Helping Hand Mortgage you need to:
- be a first time buyer, this means you will not have had a mortgage in the last 3 years. If applying jointly, both applicants need to be first time buyers.
- have at least 10% deposit.
- Minimum sole income of £31,000 or £50,000 joint income.
- take out a 5 or 10 year fixed rate mortgage.
- You will not be eligible if you, or anyone you’re applying with, are self employed or using an affordable home ownership scheme such as Help to Buy, shared ownership, Right to Buy or Forces Help to Buy.
Click here to register your interest and find out more
Your details will be passed to Michael Prosser - Independent Mortgage Advisor - Simply Finance Ltd