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Help to Buy Mortgage Comparison

Find out how to get the best deal on help to buy mortgages.

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 19, 2021

Important

📢 *UPDATE 06/04/2021: The Help to Buy scheme has now entered its third phase (2021-23) and a few of the rules around it have been altered. Some of the information in this article may be subject to change but you can read up on the latest update to the equity loan scheme here 🏠

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.

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 broker can conduct 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, but you can also 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 looking for a self-employed mortgage 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 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 Multiples Loan Amount Monthly Payments (Mortgage term of 25 years)
x3 £75,000 £356
x4 £100,000 £474
x5 £125,000 £593

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 in-depth knowledge about the current market and lender rates, it can be difficult to find 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 experience 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

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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.

We can help!

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Help to Buy Mortgages. Ask us a question and we'll get the best expert to help.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the 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.

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