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By Pete Mugleston | Mortgage Advisor

Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 21st October 2020*

We’ve been approached by lots of people who want to compare the range of Help to Buy mortgages on the market.

Unfortunately, Help to Buy rate tables don’t take your personal circumstances into consideration and so they don’t provide an accurate reflection of how much you can borrow or which lenders might accept your mortgage application.

The good news is that the brokers we work with can offer this information and find you the best mortgage deal.

To help you compare the best Help to Buy mortgage, we have gathered all the key information you’ll need to know in this guide including:

For a Help to Buy mortgage quote that takes your personal situation into consideration, speak to an advisor.

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How do I compare Help to Buy mortgages?

Many Help to Buy customers wrongly assume that the best way to compare mortgage products is to use an online rates table or contact multiple lenders.

There are a number of reasons why most reputable brokers would not recommend this. Firstly, most rates tables are not tailored to you as an individual and many of them give the most prominent placement to sponsored products.

Contacting multiple lenders in the hope of finding the right one for you comes with its own set of drawbacks. Having too many hard searches on your credit file can jeopardise future applications for credit, not to mention the amount of legwork this involves.

A specialist broker can carry out a Help to Buy mortgage comparison for you

Luckily, the whole-of-market advisors we work with can compare Help to Buy mortgages for you and connect you to the right lender first time. They can offer bespoke advice and will introduce you to a mortgage provider based on your needs and circumstances.

Not only will this save you potential marks on your credit file, you can rest assured that you will have access to the best Help to Buy mortgage deals you qualify for.

Which Help to Buy mortgage deals will I qualify for?

The brokers we work with will take the following factors into account when deciding which lenders to introduce you to…

  • Affordability and employment situation:
    The more income you have, the better. The broker might consider pairing you with a specialist lender if you’re self-employed or making a mortgage application that includes bonuses or commission income.
  • Your credit rating:
    They might also go down the specialist lender route if you have any adverse credit on your file. Read more about bad credit mortgages.
  • Your deposit:
    Although you can get a Help to Buy mortgage with just 5% deposit, being able to put down more will likely mean a wider choice of lenders. Your source of deposit can also influence lender choice, some will only use deposits from your own funds, others will accept gifts from family or even friends.
  • Your age:
    If you’re borrowing in retirement, your choice lenders might be slimmer as some providers won’t lend to anyone over 75, others over 85 and a minority with no upper age cap, under the right circumstances.

You can read more about Help to Buy mortgage eligibility over on our main hub page.

Compare how much can you borrow on a Help to Buy mortgage

Every lender has a different level of generosity when it comes to how much they will consider lending you and the criteria they use to assess your affordability will vary from lender to lender.

For example, one lender may loan you a smaller amount if you are self employed as they view your income as unsteady, whereas another lender may have no issue with self employed applicants and quote you for a larger mortgage.

Usually though, most lenders provide loans at 3-4x your income, although some lenders may consider loaning 5x your income, and in the right circumstances, few may offer 6x your income. Bear in mind the Help To Buy scheme has a cap of 4.5x your total income, this comprises of earned (employed or self employed) income and any benefits you receive.

See below for an example of how income multiples can affect the amount you borrow as well as your monthly repayments.

Gross income: £25,000

Interest rate: 3% (for example purposes only)

Income MultiplesLoan AmountMonthly Payments (Mortgage term of 25 years)

It can be really helpful to see an overview of a Help to Buy equity loan mortgage comparison so you can see how much you can borrow and the different Help to Buy mortgage rates each lender will charge you.

If you would like a range of quotes based on your circumstances, speak to an advisor.

Find a help to buy mortgage

You may have found it difficult to get a mortgage through the Help to Buy scheme as previously lenders have been reluctant to provide mortgages to borrowers through the scheme, especially if they have more complex financial issues such as bad credit or low income.

However, more lenders are increasingly offering Help to Buy mortgages for applicants with problems this these, which is great news. However, unless you have an in depth knowledge about the current market and lender rates, it can be difficult to find a the best mortgage deal.

Find a Help to Buy remortgage

Finding the right Help to Buy remortgage deal isn’t really any different to finding a Help to Buy mortgage. Your first port of call should be to speak to an expert broker with access to the whole market and a wealth of experiencing working with Help to Buy customers.

We can match you with a broker who can offer bespoke advice to a customer with your needs and circumstances, and we won’t charge a penny for the introduction. Read our guide on Help to Buy remortgages to find out more.

Why you should speak to an advisor about Help to Buy mortgage comparison

A mortgage broker who has specialist knowledge about HTB mortgage comparison can properly assess your application and search Help to Buy mortgages for you.

Many customers come to us after being incorrectly quoted for a mortgage which is why we strictly only work with qualified advisors who are:

  • Whole of market brokers
  • Experts on Help to Buy
  • OMA Accredited
  • LIBF Training course qualified

Talk to a Help to Buy advisor today

If you have questions about how to compare Help to Buy mortgages and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry online.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances.  We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 21st October 2020
OnlineMortgageAdvisor 2020 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

Find out more about Help To Buy

Help To Buy Mortgages