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  • Expert advice on affordability schemes

    Expert knowledge on schemes to help make mortgages affordable

  • We take care of the complicated paperwork

    And liaise between the lenders, solicitors and Estate Agents.

  • Impartial

    We are not tied to one particular lender or bank

Help to Buy scheme

The Government’s Help to Buy Equity Loan scheme officially closed to new applicants on 31st October 2022. As a result, you might be wondering what options are available to help with mortgage affordability now that the Help to Buy scheme has closed.

Here we look at the various options available to help with mortgage affordability for both first time buyers and for current or previous home owners. If you have any questions, please get in touch and our team of experienced advisers will be happy to help.

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What help is available now the Help to Buy scheme has ended?

It does not currently appear that the Government is going to replace the Help to Buy scheme with something similar. However, there are a number of other options available to help with the purchase of your home. We go through these below:

Shared Ownership Scheme

The Shared Ownership scheme is a Government backed option to help with affordability. You can find out more about it on our page dedicated to the Shared Ownership Scheme.

It offers you the chance to buy a share of between 25% and 75% of your home’s value and then pay rent on the remaining share. For this reason, it is often referred to as ‘part-rent, part buy’. It is an option now that the Help to Buy Scheme has ended.

Shared Ownership schemes might be a good option for people who have struggled to raise a large enough mortgage based on their savings and income alone. It also provides long-term security, which may be better than simply renting a property.

Typically, you would raise a mortgage on your share of the purchase price of the property. And pay a deposit of 5% on this amount, rather than the full purchase price. Again, this can make it easier for those people on lower incomes or who are struggling to save a deposit.

We also have a page dedicated to the Shared Ownership scheme on our website if you want to find out more.

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95% Mortgages

There are still some 95% mortgage available on the market, although these have inevitably dwindled in number. These enable you to purchase a property with just 5% deposit and are sometimes known as 95% loan to value mortgages.

They can be useful for First Time Buyers or previous home owners who have struggled to save up enough of a deposit.

The downside of 95% mortgages is that they are typically more expensive as, having a larger deposit can unlock better interest rates. Having said that, they can be a useful way to get your foot on the property ladder. Enabling you to build up equity in your home, which hopefully means you get a better deal when you come to remortgaging.

We can advise on 95% mortgages and to discuss whether these might be an option for you.

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Stamp Duty Cut

In 2022, the Chancellor announced a significant change to the Stamp Duty rates. The aim of this cut was to get the housing market moving and support first-time buyers to put down roots.

As a result of this change, there is no Stamp Duty Land Tax to pay on residential properties purchased in the UK with a value of less than £250,000. The amount you pay in Stamp Duty then goes up in increments according to the purchase price.

On top of this, for First Time Buyers, there is no Stamp Duty to pay on residential properties with a purchase price of up to £425,000.

To find out how much you will pay on Stamp Duty Land Tax for your purchase, see the Government’s SDLT Calculator. Or contact us and we will go through all the options for you.

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Forces Help to Buy Scheme

If you are a member of the armed forces, there is a dedicated Forces Help to Buy scheme. You can find out more about this scheme on our page dedicated to Forces Help to Buy.

The scheme is designed to help serving members of the armed forces get on the property ladder. Originally, the scheme was going to come to an end on 31st December 2022. However, the Government has now decided it should be an “enduring policy, ensuring its availability to all service personnel now and in the future.”

The Forces Help to Buy scheme allows Regular Serving Personnel to borrow an amount, interest fee to be used to help purchase a property. The loan amount can be up to 50% of their annual salary to a maximum of £25,000, interest free. The loan can also be used towards a deposit and other costs such as solicitor and estate agents’ fees and can be repaid over a period of up to 10 years.

To find out more about the scheme and how we can help, visit our dedicated page for the Forces Help to Buy Scheme, or get in touch.

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Things to think about

There are a number of things you need to think about before you take steps to take out a mortgage for the first time. We will talk you through all of these and ensure you are clear on all the risks and benefits before you proceed. Some of the things you should consider are:

  • What type of mortgage is most suitable for you?
  • Can you afford the mortgage payments on top of your current liabilities?
  • What level of risk is appropriate for you?

Your home could be at risk if you don’t keep up your mortgage payments. Our professional, experienced mortgage advisers will ensure you understand if a first time buyer mortgage is appropriate for you before proceeding.

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Our handy mortgage calculator

Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.

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  • “This was knight in shining armour stuff. Our conscientious mortgage broker was a delight to deal with from the off and the key to our dream home.”

    Max and Martha, First Time Buyer customers from Cardiff

  • “Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”

    Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury

  • “I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me.  During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field.  This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”

    Andrew and Helen, Armed Forces Mortgage Customers from Salisbury

  • “Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”

    Fiona and Graham, Armed Forces Mortgage Customers from Wilton

  • “As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”

    Andrea, Contractor Mortgage Customer from Warminster

  • “I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”

    Matt, Contractor Mortgage Customer from Southampton

  • “Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”

    Hannah and Steve, Protection Insurance Customers from Stamford

  • “Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”

    Saul and Laura, Home Mover Mortgage Customers from Salisbury

  • “Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”

    Mike and Bethan, First Time Buyer Mortgage Customers from London

  • “Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”

    Chris, Help to Buy Mortgage Customer from Southampton

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