Advice on securing a mortgage and an update on changes to the Help to Buy scheme.

By 7th April 2020News, Offers

John Beirne is a senior partner at Best Mortgage Advice LLP and has been AC Lloyd’s recommended independent financial adviser for many years.

Here, John explains the process involved in securing a mortgage and highlights the changes to the current Help to Buy scheme which ends in March 2021 and will be replaced by a different version.

When it comes to financial matters, it is a good idea to gain independent financial advice to ensure that you are getting the best possible mortgage deal when it comes to buying a house or an apartment.

Both the Mortgage sourcing and Help to Buy Equity Loan process can be daunting, but we have the expertise and many years of experience to take the pressure off prospective home buyers.

When potential home buyers agree to buy an AC Lloyd property, their sales staff highlight our services and, if a buyer wishes to proceed further, they are asked to call me in order to run through a few questions, to hopefully confirm that they meet the financial qualification process.

Questions include: full name, address, date of birth, nationality, contact details, income details, current debts/loans/credit arrangements (including student loans and pension contributions) – it is always a good idea to have your latest payslip and latest bank statement available before calling me. All information provided to me is totally confidential, as would be expected between a financial adviser and client.

I will need to establish the level of deposit available and whether clients require and are eligible for the Government’s Help to Buy Equity Loan scheme – which many clients request.

If Help to Buy is required, I need to establish if my client meets the Government affordability calculator, prior to proceeding with the application process. If proceedable, house buyers will be required to provide a minimum 5% deposit. The Government will provide an Equity Loan of up to a maximum of 20%. This enables a maximum 75% loan to value mortgage.

A new Help to Buy Equity Loan scheme comes into effect from April 2021, which is aimed at First Time Buyers only, and will be restricted to regional maximum purchase prices.

Once I have established financial affordability, I will source appropriate mortgage options to review. I search the ‘whole of the market’ and totally independently – to find the best arrangements available.

Once a decision has been made, I will complete and monitor all applications. I will advise which scanned documents I require, depending upon the lender chosen.

I will also complete and process Help to Buy Equity Loan applications.

My aim is to make the process as smooth as possible for my clients, and to secure the best mortgage deal available, allowing the purchase of a dream home with AC Lloyd.

In addition to the above (prior to Exchange of Contracts), I will also source and arrange Mortgage Protection Insurance – including Life Insurance, Critical Illness Cover, Income Protection and Redundancy Cover. Similarly, I will source and arrange Buildings and Contents Insurance, which is required at legal completion.

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