In March 2015, the Government outlined a new Help to Buy ISA and has recently released more details. It sees the Government adding £50 to every £200 first-time buyers manage to save towards a deposit for their first home.
When does it begin?
The start date for the scheme will be the 1st December 2015, and it will run for four years. You can open this account anytime within this four years.
Who is it for?
It’s only available to first time buyers, and just like a cash ISA you must be aged 16 and over. If you’re buying with someone who isn’t a first-time buyer, they won’t be able to open one but you will be as the account is available per person rather than per home.
What type of house can I buy with it?
You’ll be able to use the Help to Buy ISA for house purchases up to £250,000, or if you are in London up to £450,000. This ISA is for a residential mortgage only and can either be for a new-build home or a second-hand home.
How much could I put in my account every month?
The maximum amount you can contribute monthly is £200, with an initial deposit of up to £1,000. The Government will then add in 25% of what you pay in every month. There is no minimum monthly deposit required.
A maximum government bonus that can be achieved through the scheme is £3,000.
Will interest rates be added on?
You will earn interest rates like a normal cash ISA and also the government bonus added on at the end.
The bonus will apply to both the amount a person saves into their Help to Buy: ISA and the interest that is built up during the period the account is open.
Where can I get one?
Some of the banks and building societies announced participating in the Government’s scheme are Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money.
When do I get the bonus?
The scheme will be designed to ensure that the government bonus is used as intended. The government bonus will therefore only be paid at the point a first home is purchased.
What is the scheme duration?
Once an account is opened there is no limit on how long you can save into the Help to Buy ISA. There is also no time limit on when you can use your government bonus. But you will stop earning a bonus from the government once you reach £12,000.
Can I pay into a cash ISA and a Help to Buy ISA at the same time?
You can only pay into one cash ISA in a tax year. You would not be able to pay into both a cash ISA and a Help to Buy ISA at the same time.
If you’re a first time buyer in Aberdeenshire looking to make your first step onto the property ladder, call us now for mortgage and protection advice on 01224 316 200 or fill in our online enquiry form.
Help to Buy ISAs are not regulated by the Financial Conduct Authority. Terms and Conditions apply.
Please note that Aberdeen Mortgage Company Ltd do not offer or provide advice on Help to Buy ISAs.
The above text is high level generic information only and should you require detailed or specific information on the products available, you should seek specialist advice from a suitably qualified source.
Sources:
BBC News – “Banks offering Help to Buy ISA named” published 25th July 2015.
HM Treasury – “Help to Buy ISA scheme outline” published 18th March 2015
HM Treasury – “Help to Buy ISA fact sheet” published 22th July 2015
How long would you survive on your savings?
/in Protection /by Neil CarruthersA recent study from Shelter revealed that more than a third of families (37%)1 in England could not afford to pay housing costs for more than one month if they lost their income and 23% of working families would be unable to pay housing costs at all.
For some families, losing income and having to rely on savings means losing your home could become a real possibility.
Income Protection is important whether you rent your home or have a mortgage. If you get ill, lose your job or have your hours cut how will you pay your rent and utilities? Do you have enough savings to pay your bills while you find another job or recover from an illness?
Income Protection isn’t just about protecting your income. It also protects your home and livelihood so you can focus on finding a new job or getting better instead of where you will sleep tonight or if they will eat today.
Source:
1. https://www.theguardian.com/money/2016/aug/09/england-one-in-three-families-one-months-pay-losing-homes-shelter-study
Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let. Lifetime Finance Group Limited.
Our Macmillan Coffee Morning – Thank You
/in Company News /by Neil CarruthersOn Wednesday 23rd October, we took part in the #MacmillanCoffeeMorning, the World’s Biggest Coffee Morning. Our team made some extremely tasty treats … there was LOADS.
A MASSIVE thank you to everyone that came into the office – both clients and staff, it was very much appreciated. Thanks to those that made the effort of baking and bringing in cakes – we raised an amazing £177!
Every cake baked, bought and eaten helps to support people affected by cancer. With the scary figures that 1 in 3 of us will face cancer, this money will go on to Macmillan Cancer Support to help make sure no one has to face it alone.
Check out some of the delicious home-baking by the Aberdeen Mortgage Company team here:
More photos from the day on our Facebook page
For more information on Macmillan Cancer Support and how to donate click here
Help to Buy Scotland: It’s baaaaack
/in Help To Buy /by Neil CarruthersHelp to Buy Scotland: It’s baaaack
Yesterday, First Minister Nicola Sturgeon pledged to provide £195 million over the next three years to extend the Help to Buy (Scotland) scheme. The funding is set to help at least 6,500 households and promises a “root and branch review of the planning system”
The previous Help-to-Buy scheme closed in May after the funding ran-out for the financial year only two months in.
More details on the scheme’s arrangements will be provided following the publication of the UK Spending Review in November.
Social Justice Secretary Alex Neil comments included: “By targeting resources at affordable homes, the new scheme will widen access by providing a helping hand to individuals and families who wish to buy a new-build home.
“By the end of this new scheme, coupled with support through the current Help to Buy scheme, we will have helped around 14,000 households buy a new-build home.
“We will also reach our five-year plan of 30,000 affordable homes by March 2016 and our planned investment in affordable housing will exceed £1.7bn.”
What is the Help to Buy (Scotland) Scheme?
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Source: Scottish Government, http://news.scotland.gov.uk/News/Help-for-thousands-of-homebuyers-in-Scotland-1c85.aspx, published 02/09/2015
Global Treatment
/in Protection /by Neil CarruthersGlobal Treatment – Getting the best treatment from around the world With serious illnesses like cancer and heart conditions becoming all too common, it’s only natural that you would want the most accurate diagnosis possible and access to the very best advice and treatment. Friends Life introduced an additional option to their Protect+ policies a […]
Help to Buy ISAs – What first time buyers need to know
/in Guides /by Neil CarruthersIn March 2015, the Government outlined a new Help to Buy ISA and has recently released more details. It sees the Government adding £50 to every £200 first-time buyers manage to save towards a deposit for their first home.
When does it begin?
The start date for the scheme will be the 1st December 2015, and it will run for four years. You can open this account anytime within this four years.
Who is it for?
It’s only available to first time buyers, and just like a cash ISA you must be aged 16 and over. If you’re buying with someone who isn’t a first-time buyer, they won’t be able to open one but you will be as the account is available per person rather than per home.
What type of house can I buy with it?
You’ll be able to use the Help to Buy ISA for house purchases up to £250,000, or if you are in London up to £450,000. This ISA is for a residential mortgage only and can either be for a new-build home or a second-hand home.
How much could I put in my account every month?
The maximum amount you can contribute monthly is £200, with an initial deposit of up to £1,000. The Government will then add in 25% of what you pay in every month. There is no minimum monthly deposit required.
A maximum government bonus that can be achieved through the scheme is £3,000.
Will interest rates be added on?
You will earn interest rates like a normal cash ISA and also the government bonus added on at the end.
The bonus will apply to both the amount a person saves into their Help to Buy: ISA and the interest that is built up during the period the account is open.
Where can I get one?
Some of the banks and building societies announced participating in the Government’s scheme are Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money.
When do I get the bonus?
The scheme will be designed to ensure that the government bonus is used as intended. The government bonus will therefore only be paid at the point a first home is purchased.
What is the scheme duration?
Once an account is opened there is no limit on how long you can save into the Help to Buy ISA. There is also no time limit on when you can use your government bonus. But you will stop earning a bonus from the government once you reach £12,000.
Can I pay into a cash ISA and a Help to Buy ISA at the same time?
You can only pay into one cash ISA in a tax year. You would not be able to pay into both a cash ISA and a Help to Buy ISA at the same time.
If you’re a first time buyer in Aberdeenshire looking to make your first step onto the property ladder, call us now for mortgage and protection advice on 01224 316 200 or fill in our online enquiry form.
Help to Buy ISAs are not regulated by the Financial Conduct Authority. Terms and Conditions apply.
Please note that Aberdeen Mortgage Company Ltd do not offer or provide advice on Help to Buy ISAs.
The above text is high level generic information only and should you require detailed or specific information on the products available, you should seek specialist advice from a suitably qualified source.
Sources:
BBC News – “Banks offering Help to Buy ISA named” published 25th July 2015.
HM Treasury – “Help to Buy ISA scheme outline” published 18th March 2015
HM Treasury – “Help to Buy ISA fact sheet” published 22th July 2015
Highest level of First Time Buyer products since 2007
/in First time buyer /by Neil CarruthersNew data from Moneyfacts show that the amount of products available to First-time buyers has reached its highest level since 2007, with the number of 90% and 95% loan-to-value mortgages now totalling at 723 products.
This marks a 73% increase on five years ago in 2010, when buyers with small deposits only had the choice of 194 products. In in 2013 there were 437, last year there were 600 and now there is 723.
With low mortgage rates and an increase in products, it looks like lenders are finally recognising the importance of first time buyers.
Charlotte Nelson, finance expert at Moneyfacts says “The improving higher-LTV market is also not an indication that riskier lending has returned, as the Mortgage Market Review is now firmly entrenched in bank policy, and only borrowers with a squeaky clean credit history and enough savings will be able to make the first step onto the housing ladder.”
For more information on how we could help you step on to the property ladder, call us on 01224 316 200 or fill in our online enquiry form.
Source: http://moneyfacts.co.uk/news/mortgages/mortgage-alert-rocketing-number-of-ftb-deals/ Published: 06/07/2015
YOUR HOME MAY BE REPOSSSESED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Use Help to Buy Scotland in 2013? It could be time to remortgage
/in Help To Buy /by Neil CarruthersAs we wait to hear on the next steps for Help to Buy Scotland from the Scottish Government, we turn our attention to those that made use of the scheme in 2013. As we’re now approaching the two year anniversary from its launch, your initial rate could be close to expiry.
Without acting your lender may roll you onto a standard variable rate. Now may be the time to take advantage of the current competitive rates by reviewing your mortgage.
Why review?
Reviewing your mortgage can be a quicker process than arranging your original mortgage, all it could take is a phone call with us, and we then do the rest. We can review your mortgage rate three months before expiry. We’ll look at whether you could get an improved deal with your current lender or whether moving to a new lender is your better option. You can review three months before your initial rate expires.
How low could yours go?
Aberdeen Mortgage Company is completely impartial and it is our duty to ensure that we provide a competitive deal for you. For more information on if you could save, Freephone 01224 316200 or fill in our online enquiry form.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Aberdeen Mortgage Company Ltd is an Appointed Representative of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in Scotland No. SC496302.
Welcome to our new website
/in Company News /by Neil CarruthersWelcome to our NEW Aberdeen Mortgage Company website..!
Along with our friends at Go Circles, Neil and I have been working on the website and are delighted that we can finally share it with you!
We aim to share all of the information you need to get your mortgage. Included in the website is information on the company itself, mortgages, protection, easy-to-follow guides, the latest news, blogs and much more.
Mostly, we hope you find the site quick and easy to navigate, and the content useful. We want you to come away from the website with all the information you need, whatever stage you are at in your life as a house buyer.
If you have any suggestions for this site, maybe there is something you feel you want to know more about, please feel free to comment in the box below – we’re a friendly bunch who are here to help!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Welcome to Aberdeen Mortgage Company
/in Company News /by Neil CarruthersWe are delighted to introduce ‘Aberdeen Mortgage Company’.
Aberdeen Mortgage Company is a joint venture between Scott and Alex, who have a combined experience of over 60 years in the mortgage and property market. Their knowledge means that they know exactly what is required to satisfy the wants and needs of both clients and lenders. It also means an increase in the number of mortgage consultants, in Aberdeen, who provide quality advice and a speedy service.
We are here to offer you free advice on mortgages. You could be a first time buyer looking at a new build or you could be an experienced landlord expanding your buy to let portfolio. We also offer free advice and service for insurance and protection – everything you need for one of life’s biggest financial decisions.
“This is a really exciting time … Aberdeen Mortgage Company is set to become a major player within the Financial Services industry.” (Scott Kennedy, Managing Director at Lifetime Planning)
New company in Aberdeen = New jobs in Aberdeen
AMC will contribute to, and boost the local economy through the creation of jobs. There is even the opportunity to become a business partner with the option to obtain company shares.
Contact Us
We are currently based within Aberdeen Mortgage + Property Centre, on 248 Union Street, with the plan being to expand into individual premises. To find us, click here.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS OF YOUR MORTGAGE.
What is Help to Buy Scotland?
/in Help To Buy /by Neil CarruthersWhat is Help to Buy Scotland?
Many credit-worthy people are finding it difficult to get a mortgage today because of the large deposits needed following the financial crisis.
The Help to Buy (Scotland) scheme is a Scottish Government scheme to help people to buy a new build home from a participating home builder. It provides help to the home buyer of between 10% and 20% of the purchase price. The three year scheme runs until 31 March 2016.
The scheme is open to all home buyers, although you should not own any other property at the time your mortgage is completed.
Where is Help to Buy available?
Help to Buy is available for new build developments in Scotland on homes up to £250,000.
There are separate schemes in England and Wales. In England it is available for homes up to £600,000 and in Wales up to £300,000.
What type of home is eligible?
The homes that are provided under the scheme are new build homes from a home builder who has been approved to participate in the scheme. A list of registered builders is available on the Help to Buy (Scotland) website (www.scotland.gov.uk/htb). Under the scheme, the Scottish Government will help you to buy a new build home so you may not have to fund all of it initially. The Scottish Government’s equity stake can be repaid at any time and is based on the value of the property at the time of the repayment
How does it work?
Does the scheme guarantee my payments?
The scheme does not guarantee your payments. You are responsible for paying your mortgage under this scheme in exactly the same way as any other mortgage.
Am I eligible for the scheme?
You will need to contact a participating home builder. The home builder will in most cases let you see the show home at the new build development.
If you can reasonably afford more than 90% of the full purchase price, you will not be eligible to receive assistance under the scheme.
For more information about Help to Buy, fill out our online enquiry form.
Terms and conditions apply. Subject to availability.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE