New Build Schemes
Shared Ownership, New Buy and the Help to Buy (Equity Loan) scheme are available for new build properties. England, Wales, Scotland and Northern Ireland each have differing variants of these schemes. Rather than try to explain the qualification process here please consult the Government’s website at https://www.gov.uk/affordable-home-ownership-schemes/overview for a detailed explanation of the schemes and rules for each country.
How much can you borrow?
It is obviously better to seek advice from a qualified mortgage adviser regarding the differences between the rates and criteria operated by each lender than to try to do this yourself either via comparison sites or individual lender websites. The new MMR (Mortgage Market Review) regulations are now being applied by all lenders which is making it harder to prove to a lender that the monthly repayments on the mortgage you are applying for are affordable to you. All lenders now use Affordability Calculators rather than income multiples to determine how much they feel you can afford to repay. These make assumptions about people’s spending not only on essentials such as utilities and insurance but on lifestyle expenditure such as food, clothing and leisure as well.
If you would like an assessment as to the likely mortgage available to you please either complete the online enquiry form or call us. We’re here to help.