In recent years, the housing market has become a difficult place to navigate, especially for people who are trying to buy their first home. A lack of affordable housing has contributed to ‘Generation Rent’, with many young people unable to get onto the property ladder.

To help overcome this, HomeBuyService.co.uk site provides a one-stop resource to finding and understanding the maze of information on the different home buyer options available and the mortgage application process. Read our guides to help you understand about the basics of home buying, the different types of mortgage products on the market, so that you are are equipped to find the right mortgage for your circumstances and avoid any potential financial problems in future.

There are many schemes to help you on your way to getting on the property ladder, and there is a wealth of information available in our different mortgage sections to help guide you through the mortgage process.

The government has introduced a number of Help to Buy schemes to offer financial help and assistance to qualifying first-time buyers trying to get onto the property ladder, with some schemes open to all home purchasers.

However, as with most government help initiatives, public awareness and access to clear information and application for these schemes is often difficult and confusing; this is where HomeBuyService.co.uk can help you.

Many people find mortgages complicated and confusing, which is not surprising given that there are many types of mortgages and thousands of deals to choose from. Whether you are a first-time buyer looking for a standard residential mortgage, a tenant looking to purchase your home through Right to Buy, an investor considering a Buy to Let property purchase, or if you are simply looking to release equity in your retirment or for home improvements with a remortgage. To fine out about these please read more on the different types of mortgages available.

Mortgage Calculator

Equity Loan Mortgage Calculator

Whether you're a first-time buyer or already a property owner you could buy a new home with a small deposit of 5%, heres how.

How Help to Buy Equity Loans Work

  • First time buyers and those already on the property ladder can apply.
  • To qualify a 5% deposit is required.
  • A 75% mortgage must be secured from your bank or building society.
  • The remaining 20% of the property’s value is funded by an equity loan provided by the Government.
  • House prices can’t be more than £600,000 in England and £300,000 in Wales.

England

Wales

House Price

Min£50,000

£50,000

Max£600,000

Deposit

Min (5% of house price)£2,500

£2,500

Max (30% of house price)£15,000

Interest Rate

Min2.00%

3.50%

Max6.00%

Term

Min25 Years

30 Years

Max35 Years

Without Help to Buy

Your deposit£2,5005%
Your mortgage£47,50095%
 
Monthly Payment£213.30 

With Help to Buy

Your deposit£2,5005%
Help to Buy Loan£10,00020%
Your mortgage£37,50075%
 
Monthly Payment£168.39 

This calculator is provided to give you basic guidance only. This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs. Its important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errorsand recommend that you obtain exact figures from a specific lender before committing to any mortgage.

What type of mortgage should I choose?