On this episode of the podcast, we will be discussing three slightly different routes, deviating from the standard mortgage procedure that has been discussed throughout the season, that may help first-time buyers.

Time Stamps

PART ONE

00:00 – Introduction

01:38 –  Recap & ‘Extra Help for First-Time Buyers’

03:23 – ‘Help To Buy Equity Loan’ Scheme

• 03:23 – Definition
• 03:55 – Explanation
• 04:40 – Percentages
• 05:00 – Three Agents
• 06:03 – Getting an Advisor
• 07:16 – Interest
• 08:13 – Paying Back the Loan
• 09:26 – Reservation Fees
• 10:30 – Considerations

INTERMISSION

12:59 – ‘Definitely Not A Silly Question’ Segment

13:28 – Question

13:34 – Answer

14:54 – Contact Info for Questions

15:19 – Risk Warning

PART TWO

15:57 – ‘Shared Ownership’ scheme

• 15:57 – Definition & Explanation
• 17:29 – Charges
• 18:04 – Second-Hand Properties
• 18:35 – Advantage for Non First-Time Buyers
• 19:10 – Aim of the Scheme

21:14 – ‘Joint Borrower Sole Proprietor’ scheme

• 21:14 – Definition 
• 21:50 – Explanation
• 22:50 – What ‘Joint Borrower’ and ‘Sole Proprietor’ Mean
• 23:36 – Regarding Stamp Duty
• 24:38 – Lender’s Frame of Mind
• 24:38 – Considerations
• 25:17 – Example
• 25:54 – Relationship Requirements
• 26:30 – Mortgage Term
• 27:53 – Running Costs of Both Homes
• 28:27 – Final Thoughts

29:18 – Summary

30:35 – Conclusion

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Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 03:22) Recap

• We’ve spoken at length over the past few weeks about the process from the start to picking your keys up.
• By putting a plan in place and breaking things down this creates a positive experience.
• Getting on the property ladder depends on income and where we live.
• There’s a huge variance in property prices depending on where it is in the country. For example, London in the southeast and Newcastle in the northeast will have vastly different...