What interest rates would you expect to pay on a Help to Buy Mortgage? Find out here.
We get lots of enquiries from people who want to know the best Help to Buy mortgage rates, many of whom may have been declined a mortgage or have a bad credit history.
There are a range of online Help to Buy mortgage rates tables that each provide brief information about the different rates that each lender may give you.
However, these tables don't give an accurate guide and can be misleading because they don't take into account your financial and personal circumstances, which lenders will look at to determine what rate to give you.
The good news is that the brokers we work with can provide this information and find you the best Help to Buy mortgage deal based on your circumstances.
What interest rate do you pay on a Help to Buy Equity Loan?
Will Bad credit affect your mortgage rate?
If you are looking for a for a Help to Buy mortgage quote that takes your individual situation into consideration, speak to an advisor here.
A lot of customers approach us after searching through online rate tables - the problem is, everyone's personal circumstances are different and these tools don't take that into consideration. This can make it difficult to know if you'll qualify for a mortgage and the rate you are presented with.
Every lender has different rules about what they will and won't accept from a customer in terms of bad credit or income, so for an accurate reflection of the rate you would expect to pay on your mortgage, you need to speak to a mortgage advisor who specialises in Help to Buy mortgage rates.
If you have more complex financial circumstances such as "bad credit" or a fluctuating income, then getting the best deal for you relies on a broker who knows the market and which lenders are more likely to accept your mortgage application.
Make an enquiry here and one of the experts will give the right advice.
Help to Buy varies across the UK and depending on where you live and the choice of lenders in your area, you may pay a different interest rate on your Help to Buy mortgage.
Cities and highly populated areas often present a wider range of lenders in comparison to smaller cities and towns, so you may find that there aren't as many Help to Buy mortgage rates to choose from if you live in a more rural area.
Additionally, if you have any financial issues that pose a risk to lenders such as "bad credit" or low income, this can also restrict the number of lenders that may can consider you as well as resulting in you possibly paying a higher interest rate on your Help to Buy mortgage.
Despite where you live, the mortgage advisors we work with dedicate their time to finding the best mortgage rates for Help to Buy in the UK, including locations in Scotland, Wales and England.
Speak to an expert today to find the best Help to Buy mortgages in the UK.
The amount of Equity Loan you can borrow from the government differs based on your location too.
A Help to Buy Equity Loan is charged at a 0% interest rate for the first five years but after this, you'll be charged 1.75% on your outstanding amount as interest.
The examples below was calculated with an RPI of 5% for example purpose only.
The above example shows the potential interest only payments for an Equity Loan. These would be paid alongside your mortgage payments and do not pay off the Equity Loan itself.
You can choose to repay your Equity Loan during the term of your mortgage, alongside your interest only payments and your mortgage, although for some borrowers, this can be expensive and difficult to keep up with.
An alternative would be to pay your Equity Loan as a lump sum when you sell your property, however if your property increases in value over time, the loan amount you have to pay back will also increase in line with this.
Calculating how much your Help to Buy mortgage repayments could be can be complex so speaking to a mortgage broker who has experience in Equity Loans can really help.
As well as looking at your finances and your situation to give you a tailored Equity Loan and mortgage quote for Help to Buy, a mortgage broker can also find you the best interest rates. Speak to an advisor for more information on this here.
Some lenders won't accept borrowers with bad credit however there are specialist lenders who have more of an appetite to lend to borrowers with bad credit. This can however, affect the Help to Buy interest rate that you are charged.
Some lenders view more severe forms of bad credit such as Bankruptcy as more of a risk, as this can suggest a history of mishandling debts and money. Therefore this is another factor that can affect the amount of interest you may pay on your HTB mortgage.
The advisors we work with have access to a range of lenders and after talking with you and understanding your situation, will know the best Help to Buy mortgage products to recommend.
For more information on how "bad credit" can affect your Help to Buy mortgage rate, contact a bad credit mortgage specialist here. Alternatively, see our bad credit information section.
We have access to over 100 mortgage brokers and each one is carefully vetted to ensure that they have the specialist knowledge to provide the most accurate advice.
If you have questions about Help to Buy mortgage rates or would like a Help to Buy mortgage quote, call Online Mortgage Advisor today on 0800 304 7880 or make an enquiry here.