First Time Buyer Schemes

For those buying their First Home, and for some Homeowners, there are some Property and Mortgage Schemes that may be beneficial.

Help to Buy

Help to Buy is a Government Scheme to help with the purchase of New Build Properties (those participating in the scheme).

The Government will help with a loan of up to 20% (40% in London) of the property value, to assist with the Deposit – please go to our dedicated page by clicking here for more details of the HTB scheme.

Shared Ownership

Shared Ownership offers an opportunity to buy a share in a home, allowing you to get onto the property ladder whilst paying an affordable rent on the remaining share of the property. This scheme makes your monthly repayments more affordable and reduces the need for large deposits. You will also have the option of increasing your ownership shares as and when you choose to do so.

Typically you buy anywhere between 25% – 75% of the property by means of a mortgage, and you will likely need to fund a 5% deposit of the share you are looking to buy.

Applicants will need to register with the local housing association to check they qualify for such a property. Certain professions will get priority treatment should property become available.

The amount you can borrow on a Mortgage will be influenced by the amount of monthly rent and service charge payable – please find those details from the sales agent, and we will then be able to assess what you can borrow.

100% Mortgages

There are a very limited number of 100% Mortgage available in the current Mortgage Market. Typically a parent or close relative will need to provide some security – either some of their savings or their property may be used – helping the need for a cash deposit or gift.

This doesn’t allow you to borrow more than you would normally afford, just helps when you have a no or a limited deposit.

Please ask for details of the currently available 100% mortgage schemes – call us on 01245 398466 or email us.

Family / Gifted Deposits

Most lenders allow for your deposit to come from a close parent or family member – so if the Bank of Mum and Dad wish to help, that is absolutely fine.

Under Money Laundering Regulations, we need to evidence both the source and have proof of the Deposit funds. Typically that will be either a letter or a lenders’ template that needs completing, along with a bank statement of the Donor (whoever is gifting the deposit). We will provide you with the necessary letter templates depending on the requirements of the Mortgage Lender.

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Essex Home Finance Ltd is authorised and regulated by the Financial Conduct Authority under number 940123.

Registered address: Suite 1, 8 Kingsdale Business Centre, Chelmsford, Essex, CM1 1PE

Registered in England & Wales under number 10607263.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge for Residential First Time Buyers, Residential Home Movers, Residential Remortgage, and all Product Transfers (Residential or Buy to Let).

There will be a fee for all Buy to Let Purchase and Buy to Let Remortgage cases. Typically our fee will be £149, payable on Offer. We will agree any fees with you before we proceed with your case.

There will be a fee for all Equity Release Mortgage cases. Typically our fee will be £695, payable on Offer. We will agree any fees with you before we proceed with your case.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. 

Our advice is covered under the Financial Ombudsman Service.