A re-mortgage is the process of replacing your existing mortgage with a new one. You may remortgage to secure a better interest rate, borrow additional funds, or change your mortgage terms.
Our experienced conveyancing team are here to help with your Re-mortgage.
The Government’s “Help to Buy Scheme” is designed to help both first-time buyers and existing homeowners buy new-build properties which might otherwise be out of their reach which benefits many people.
The scheme is designed for everyone – as long as you fit the required criteria for being able to obtain a mortgage then you are eligible for the scheme. However, it is not available for buy to let purchases.
If you are interested in getting a mortgage but only have a small deposit, you’ll need a minimum deposit of 5% and the scheme will give you what’s known as an “Equity Loan” which allows you to buy your new house. The Government then lends you up to 20% of the value of the new property, on top of your ordinary mortgage, which you can repay within 25 years or if you were to move. When you sell or if you wish to repay your equity loan, the government takes back 20% of the value of the house at that time. You can have a larger deposit and take less than 20% as an equity loan, it all depends on you.
The scheme is run by the housebuilders themselves and housing associations who deal with new homes, which makes the initial application relatively straightforward. However, your legal adviser needs to understand fully the obligations and requirements of the scheme.
