Thinking of Buying?
With our local knowledge and expertise we will be able to find you the perfect home
Janice Lyle of J H Homes recognizes to purchase your home is the most important and expensive transaction you are likely to undergo. For this reason we would like to assist you during this process and help you find your new property.
- The first requirement is for you to register your details and property specifications which can be achieved in a number of ways, by email, phone, or calling into the office in person. This will give us an insight into your personal requirements, thereby enabling us to modify the details we send you. Once registered, you are then in a position to receive a SMS text service direct to your mobile phone with new properties that match your criteria.
- Once you have located your ideal property, your offer will be submitted by us to the vendor for their consideration. This is carried out both verbally and in writing. Please note that all offers are "subject to contract" and therefore neither party is legally bound until the contract is signed.
- Our friendly team are available to arrange those all important viewings on your selected properties. In order to speed up your house buying process, it is advisable wherever possible, to have a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to vendors. Please feel free to discuss all your mortgage requirements with our Independent Mortgage Advisor.
- As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing). At this point, you also need to formally proceed with your mortgage application and instruct your mortgage advisor. Choosing Janice Lyle of J H Homes will be the best move you will ever make.
Help to Buy is a government scheme which could make getting on to, or moving up, the housing ladder more accessible. It helps existing home owners and first time buyers purchase a home with as little as 5% deposit.
There are two ways to purchase a property up to the value of £600,000 using Help to Buy:
Mortgage Guarantee
Available on both pre-owned and new build properties with a standard mortgage of up to 95% of the purchase price
From October 2013, Help to Buy has been extended to make it possible to purchase any property under £600,000 - be it a new build or pre-owned home - with as little as a 5% deposit.
How does the Mortgage Guarantee scheme work?
The process of applying and repaying the mortgage is the same as it would be for a standard mortgage - there really is very little difference for the buyer. The scheme is intended to increase the availability of mortgages at competitive interest rates for buyers with a minimum of 5% deposit. The government are going to make this possible by guaranteeing repayment of the mortgage to the lender, this will be dealt with behind the scenes by participating lenders. There will be no additional paperwork or charges for the buyer.
Below is a quick checklist of who is eligible for the scheme:
- Available to both existing home owners and first-time buyers
- Buyers need a minimum of a 5% deposit
- Available on all previously owned and new build properties up to the value of £600,000
- Must be your only property
- Available for properties in the UK
- Borrowing from a participating mortgage lender
Speak to a Mortgage Advisor or Independent Financial Advisor for further advice on eligibility criteria, which lenders are offering the scheme and what would best suit you.
Equity Loan
Available on new build properties only using a government equity loan of 20% of the purchase price plus a traditional mortgage.
With a Help to Buy Equity Loan, the government loans you up to 20% of the cost of a new-build home, so you only need a 5% deposit and a 75% mortgage to make up the rest. The Equity Loan scheme is only available from approved, participating house builders.
How does the Equity Loan scheme work?
The home will be in your name, which means you can sell it at any time. However, as this is an equity loan, you'll have to pay back the loan amount when you sell your home or at the end of your mortgage period - whichever comes first. The amount to be paid back is 20% of the sale price, which may be more than the original loan amount depending on whether your home has increased in value whilst you have owned it.
- Available on new build properties only up to the value of £600,000
- Equity loan scheme, using a government equity loan of 20%, which will need to be repaid on sale of the property
- Must be your only property
- Buyers need a minimum of 5% deposit
- Available to both first-time buyers and existing home owners
You won't be charged loan fees on the 20% equity loan for the first 5 years of owning your home. In the 6th year you will be charged a fee of 1.75% of the loan's value, which will increase every year by the retail price index plus 1%.