Help to Buy
Help to Buy
With the Government’s Help to Buy scheme, your first home could be closer than you think. If you can afford mortgage repayments, but you’re struggling to save up the deposit needed, Help to Buy could offer you a crucial boost to your savings.
We can help you:
- With advice on the Help to Buy ISA, and how this could help you get on the property ladder, so long as you’re a first time buyer
- To understand the benefits of shared ownership, and how this works
- Understand the Forces Help to Buy Scheme Even if you’ve got bad credit – for instance historic defaults or CCJs
- Apply for a first time buyer shared ownership mortgage, even if you have no deposit
We help first time buyers find the right mortgage for them, even with bad credit – as we know the lenders that are most likely to say ‘yes’ for their individual situation, and to give the best rates.
A Help to Buy ISA
If you are saving to buy your first home, putting money into a Help to Buy ISA can be a really positive step, because the Government boost your savings by 25%. So, for every £200 you save, you’ll receive a bonus of £50. The maximum government bonus you can receive is £3,000 (double if buying a house under shared ownership).
How to get a Help to Buy ISA:
- Choose a bank or building to get your Help to Buy ISA with – you can either research your best options, or get in touch with Clever Mortgages, and we’ll offer some advice
- Once you’ve saved a minimum of £1600 in your Help to Buy ISA you’ll then qualify for the government 25% bonus. You can save up to £200 per month once you’ve got the initial £1600 saved
- When you’re ready to buy your home, your solicitor will apply to the government for the bonus, and once you’ve used the money for the purchase, you can close the ISA account
You must be:
- Be 16 or over
- Have a valid National Insurance number
- A UK resident
- A first time buyer and not own a property anywhere in the world
If you opt for Shared Ownership the maximum amount the government will add is doubled – from £3000 to £6000 – so long as you’re both first time buyers.
The Forces Help to Buy Scheme
Regular armed forces personnel can benefit from a £200 million scheme to help them to buy their first home. The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% of their salary, without any interest, to buy their first home or move to another property on assignment.
This scheme allows those who qualify to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other moving costs, for instance solicitor’s and estate agent’s fees.
The Forces Help to Buy Scheme is for those in the forces who:
- Have completed the pre-requisite length of service
- Have more than 6 months left to serve at the time they apply
- Meet the right medical categories
How do you get on the Forces Help to Buy Scheme?
Servicemen and servicewomen can apply for the loan online through the Joint Personnel Administration system, and can get advice on their application through their Chain of Command and personnel agency.
Find the right first time buyer mortgage. With Clever Mortgages we:
Find the deal that’s best for your individual situation – we take simple details about your income and outgoings, and match it with the right lender and mortgage product
Get a mortgage, even if you’re self-employed – every day we help self-employed customers to find the mortgage perfect for them
Have your benefits taken into account – some of our lenders will consider benefits in the calculation of how much they can lend you
Get a mortgage with bad credit – even if you’ve a CCJ, DMP, or IVA on your file, we can look for the lender most likely to accept your credit history
With Clever Mortgages you can expect:
- Specialists in bad credit, so even if you’ve a less than perfect credit history, we might still be able to find a good first time buyer mortgage that’s right for you
- A thorough search of the market, so you can rest assured you’re with a lender that’s good for your situation
- A friendly service, where you’re always kept in the loop with your application process
It’s hassle-free and easier than you might think. Let’s get the ball rolling.
Read our latest reviews
I’m ready to get a mortgage. What should I do next?
- Enquire online with us today
- We do all the hard work for you – we’ll find the right deal for you
- Our expert will keep you informed of progress, all the way to completion
Why should I use a mortgage broker?
- You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
- Some mortgages especially for people with bad credit are only available if you go through a mortgage broker
- Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
- They can take the hassle of application forms away – talking you through every step, and asking all the right questions
Understanding credit scores when you’ve been declined a mortgage
All lenders look at information on your credit report such as:
- Whether you’ve made late payments for bills and loans
- Any details of debt management plans you have taken out
- Other details, such as any financial connections with others you’ve had – for instance partners you’ve held joint accounts with
How long is information stored for on your credit file?
Six years is the amount of time a loan you take out will stay on your file, as will CCJs (County Court Judgments), bankruptcy, IVAs (Individual Voluntary Arrangements), and an administration order. Searches and some applications will only remain on your file for a year, but debt collection searches will stay on for two years. Addresses and associations with others can stay on your file
indefinitely.
Credit scores are important – but whatever your situation, we might be able to help – just get in touch and let’s see how we could help.
6 reasons to choose clever
Specialists in bad credit
Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.
Over 100 lenders
The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.
Not every case is the same
As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.
Access To Exclusive Rates
The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.
Offering the best support
We know that buying, moving house or remortgaging can be stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.
Excellent Reviews
We’re proud of our long-standing 5 Star Rating on Trust Pilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.
