Help to Buy

Introducing the Best Alternatives to Help to Buy: Equity Loan

The Help to Buy: Equity Loan deadline has passed, and the scheme is now on the verge of closing completely. But don’t worry; a range of alternatives are available to help you make your dream home a reality. At MortgageTek, we specialize in finding the perfect mortgage solutions for our clients, and we’re here to guide you through the options. Let’s explore the alternatives together.

Government Schemes to Consider

While the UK Government is yet to announce a direct replacement for the Help to Buy: Equity Loan, other government schemes could meet your needs:

1. Mortgage Guarantee Scheme: Make homeownership easier with less than a 10% deposit. This scheme offers an increased number of 95% loan-to-value mortgage deals on the market, giving you more flexibility. Act now as it has been recently extended to the end of 2023.

2. First Homes: Benefit from a significant discount (typically 30-50% of market value) when buying a newly built home. Priority access is given to key workers and those on low incomes, ensuring you have access to affordable housing.

3. Shared Ownership: Experience the middle ground between buying and renting. Purchase a share of a property with a local authority or housing association and gradually increase your ownership over time. This option allows you to scale your investment and build equity.

4. Right to Buy: Specifically designed for those looking to purchase the council property they’re currently residing in, this scheme discounts the property’s market value. The discount can also be used as a deposit for your mortgage.

Help to Buy Mortgages Calculator

 Disclaimer: Please note that the results generated by this calculator are for general estimation purposes only and may not be entirely accurate. For precise information call us 020 3827 8558


 Other Alternative Options

In addition to government schemes, there are alternative ways to secure a mortgage with limited deposit, often involving family support:

– Guarantor Mortgages: Get support from a family member (usually a parent) who agrees to take responsibility for the mortgage if you face difficulty making payments. This arrangement typically requires a deposit amount, which can be covered by the family member’s savings or secured against their property.

– Joint Borrower, Sole Proprietor Mortgages: Allow a family member to share responsibility for the mortgage without being named on the deeds or residing in the property. This option provides flexibility and support.

The Replacement for Help to Buy ISA

If you missed out on the Help to Buy ISA, fear not. The Lifetime ISA (LISA) serves as an excellent successor. With a LISA, you can contribute up to £4,000 per year, and the government adds a 25% bonus at the end of the tax year, serving as a valuable mortgage deposit. Discover more about LISAs and additional alternatives on our sister website, Online Money Advisor.

Choosing the Right Alternative

Selecting the right alternative option can be overwhelming. To make the process smoother, our expert mortgage brokers are here to help. With our free advisor-matching service, we connect you with brokers who specialize in arranging low-deposit mortgages. They will provide personalized advice tailored to your unique circumstances, ensuring you secure the best Help to Buy alternative.

Maximize Your Chances of Approval

Contact Us Today

At MortgageTek, we understand that every individual’s situation is unique. That’s why we work with expert brokers with a proven track record in securing mortgage approvals. Our key advantages include:

– Higher chance of approval

– Whole market expertise

– No impact on credit score

– No fees charged

– Support from start to finish

If you have any questions or need assistance, give us a call at 020 3827 8558