Bad Credit Mortgages we offer:

Help to Buy Mortgages with Bad Credit

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Bad Credit Mortgages we offer:

Help to Buy Bad Credit Mortgages

As expert Help to Buy mortgage brokers for people with bad credit, we help clients to access an exclusive range of products from specialist lenders.


What is Help to Buy?

The Help to Buy scheme is a Government initiative set up to stimulate the housing market and help first time buyers and existing homeowners purchase new build properties to live in. The scheme offers an equity loan where the government lends first-time buyers and existing homeowners’ money to buy a newly-built home. The purchase must be no more than £600,000. You can borrow 20% of the purchase price interest-free for the first five years, as long as you have at least a 5% deposit. If you live in London, you can borrow up to 40% of the purchase price. Payments on this Government loan will only begin after 5 years where you will pay the interest only. Only new build properties under the value of £600,000 qualify for this scheme, with a requirement of a 5% deposit.

The 20% Government loan (40% in London) obviously reduces the initial mortgage repayments significantly. At the end of the mortgage term, or if the house is sold then the Government loan needs to be repaid.

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Help to Buy FAQ's

Who does help to buy mortgages?
Most of your high street banks and building societies offer help to buy mortgages. To qualify for a high street lender you will need to have a good credit score, however some building societies will rely upon your credit profile rather than your credit score although you still will need to have a good payment record. If you have had some bad credit in the past there are specialist lenders available who offer their products through mortgage brokers who will consider providing you with a help to buy mortgage.
Can you get a help to buy mortgage with bad credit?
There are lenders that will lend to clients that have bad credit registered. The availability of these mortgages will depend upon when the bad credit was registered, what type of bad credit was it, i.e. loan, credit card or mobile contract for example, how much was the bad debt and has it since been satisfied. You should review your credit report before applying for a mortgage and where possible try to resolve any credit issues.
How do help to buy mortgages work?
You will always need to put down a deposit of 5% yourself and this could come from savings or maybe gifted from close family. The government will then lend to you up to 20% (or 40% in London) and then the remaining 75% (or 55% in London) you can take out a mortgage for. You will need to pass the mortgage lenders affordability assessment and also make sure you pass the Help to Buy eligibility and affordability criteria. A mortgage broker will walk you through the steps to obtain a mortgage starting with getting an Agreement In Principle arranged.
Help to Buy Mortgages with Bad Credit

Product Name: Mortgages

Product Description: Help to Buy Mortgages with Bad Credit

  • Rating
5

Joe

Gary has been brilliant throughout the whole process. Very knowledgeable, helpful and efficient. The service provided as a whole, has been excellent, 10/10.