MORTGAGE HELP DESK UK

First Time Buyer Initiative Mortgage Products - Help and Advice

We Could Help find you a First Time Buyer Initiative Mortgage, At a Very Competitive Interest Rate

The Main priority is to provide you with a first class service for all your Mortgage needs, Depending on your circumstance we can help you find a First Time Buyer Initiative Mortgage at a very competitive interest rate, we do all the leg work, so you can relax. Click Here to request a call back and an advisers will contact you shortly.

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What is The First Time Buyer Initiative Mortgage? Is The First Time Buyer Initiative Mortgage Suitable for You? Can You Afford A First Time Buyer Initiative Mortgage? First Time Buyer Mortgages Frequently Asked Questions

What is The First Time Buyer Initiative Mortgage?

The First Time Buyer Initiative allows First Time Buyers with no deposit and on a low income the opportunity to have a part share in a property. This scheme is also part of the HomeBuy scheme introduced by the government in 2005.This scheme is tailored for those First Time Buyers who can not afford to buy a home that would suit them, on the open market. Under this initiative you will own the property and the English Partnership will provide a loan up to 50% of the purchase value of the property. You will have to payback the loan given to you by the English Partnership when you sell your property, if the assistance given at the time of purchase was 50% then at the time of sale of the property you must pay the English Partnership 50% of the total sale value of the property. The downside with this scheme is that currently only a very limited number of lenders offer support for this sort of purchasing and also only a few housing associations are currently participating in the scheme, however this number will increase in time as the government is giving both the lenders and housing organisations more incentives.

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Is The First Time Buyer Initiative Mortgage Suitable for You?

To be eligible for this scheme you need to be earning a total household income of less than £60,000 a year. Most of the homes available under this scheme will be for those of you who are First Time Buyers and who are employed in one of the key employment categories (teaching, nursing, police, etc), and are available anywhere in England. Priority will be given to these key workers and existing council tenants, when applications are made for this scheme. The First Time Buyer Initiative lets you pay nothing for the part of the house that is owned by the government apart from the Mortgage you took out for the first 3 years. You can also choose to increase your share in the property at any time by buying more from the government. This will be purchases at a percentage of the current market value of your home. There is a minimum amount you can purchase this minimum is set to 10%. To get details on participating housing associations you may want to contact the Housing Cooperation and they will assist you with the information.

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Can You Afford A First Time Buyer Initiative Mortgage?

You will need to provide proof of having sufficient funds to finance the costs associated with the purchase of the property, such as legal fees, stamp duty etc.
As with all other Mortgages there will be added costs involved such as legal fees, valuation fees, stamp duty etc, this will cost you between £2,500 to £4,000, you will need to have sufficient savings to pay for these before you apply for this scheme too. After the initial 3 years you will have to pay the government for the share it owns, this will be 1% of that share annually, it will however raise to 3% after five years (this is five years from the date you purchases the house).

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What can the "Mortgage Help Desk UK" do for you?

At the "Mortgage Help Desk UK" we have been working on First Time Buyer Initiative Mortgages since they started off in the UK . Our staff are trained and dedicated, to do their best to find you the best possible First Time Buyer Initiative Mortgages that may suit your circumstances. Most UK First Time Buyer Initiative Mortgage lenders now offer great rates on their UK First Time Buyer Initiative Mortgages, the staff at the "Mortgage Help Desk UK" will look at all available First Time Buyer Initiative Mortgages products on the UK Mortgage market and will help you whether you have good or bad credit, but it is essential that you consider tie in factors when getting a First Time Buyer Initiative Mortgages with any UK First Time Buyer Initiative Mortgage lender. This is where our friendly and helpful highly trained staff can help you by giving you detailed advice on the extensive range of First Time Buyer Initiative Mortgages products that are available on the UK First Time Buyer Initiative Mortgage market.

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First Time Buyer Mortgages Frequently Asked Questions

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