Are you a first-time buyer looking for help to buy your new home?
The Help to Buy Scheme is a government-backed mortgage scheme that can provide financial assistance for first-time buyers to get onto the property ladder. With the Help to Buy Scheme, you could be on your way to buying a home sooner than you think.
Our essential guide will break down the criteria for a mortgage like this and give you some great first-time mortgage advice and tips.
Keep reading to find out more!
What Is the Help to Buy Scheme and What Are the Benefits
It is a government-backed mortgage scheme that can help first-time buyers purchase a house. It is available for new homes or self-builds, costing up to €500,000.
First-time buyers using the scheme can get a reimbursement of Income Tax and Deposit Interest Retention Tax (DIRT) that they have paid over the previous 4 years.
The Help to Buy Scheme was further enhanced, with the government increasing the amount refunded to first-time buyers. The Enhanced Help to Buy Scheme, as it’s called, is available until 31st December 2022.
How Do I Apply for the Help to Buy Scheme
Applicants must be first-time buyers. Additionally, all Help to Buy Scheme applicants must be tax compliant and can apply for the scheme online. Once approved, you can move on to the next step.
The next move is getting pre-mortgage approval, or a Mortgage Approved in Principle (AIP). A Mortgage AIP is a great starting point as it indicates what you can afford to buy so you can begin your property search.
Advice About Home Mortgage for First Time Buyers
There are several things you can do to help make the process of buying a property as smooth as possible.
Here are a few tips:
- Save, save, save – the more you can save for your deposit, the better.
- Get your finances in order – ensure you have a good credit rating and that all your debts are up to date.
- Be prepared for unexpected costs – when buying a property, there will always be unexpected costs. Make sure you have some extra money to cover unexpected expenses.
- Shop around for a mortgage – Compare interest rates before deciding on a mortgage. A mortgage broker has access to different lenders in the market and can help you get the best mortgage deal for your needs. They can also help guide you through the daunting process of buying a home for the first time.
Grab This Opportunity to Get on the Property Ladder Today
You could be on the road to homeownership sooner than you think if you take advantage of the Help to Buy Scheme.
Our Mortgage Advisors at Pangea Mortgages can provide you with specialist advice and services to help you make the most of this scheme. We’ll work with you every step of the way to make sure the process is as smooth and stress-free as possible.
Get in touch with our Mortgage Advisors today and let us help you buy your first new home.