Exclusive Helping Hand for First-Time Buyers
Make Your First Home a Reality with the Helping Hand for First-Time Buyers
Buying your first home is one of life’s biggest milestones, but it can feel overwhelming. At Contractor Mortgage Solutions, we understand the unique challenges contractors face, especially when navigating mortgage options. That’s why we’re proud to partner with Nationwide to bring you their “Helping Hand for First-Time Buyers” offer, designed to make homeownership more accessible.
How Nationwide’s Helping Hand Mortgage Works
The Nationwide Helping Hand Mortgage is a tailored solution for first-time buyers, offering the financial flexibility and support you need to secure your dream home. Here’s why it’s a game-changer:
Increased Borrowing Power
Borrow up to 6 times your annual income—33% more than the standard lending limit. This enhanced limit opens doors to homes that might otherwise be beyond reach
Generous Loan-to-Value (LTV)
Available for mortgages up to 95% LTV on 5 and 10-year fixed rate options, making it easier to buy with a lower deposit.
Cashback Rewards
Enjoy £500 cashback on completion, with an additional £500 for homes that meet energy efficiency standards.
Income Thresholds
To align with regulatory requirements, the minimum sole applicant income is set at £40,000 (up from £35,000). This ensures the program remains accessible while adhering to lending limits.
Continual Review
Nationwide has implemented these changes to maintain the program’s availability and impact. They regularly review eligibility to ensure it continues supporting first-time buyers effectively.
How Much Can I Borrow?
Discover how much you could potentially borrow for your first home, remortgaging, or investment property. Try our borrowing calculator today and get an instant estimate!
Mortgage Calculator
Eligibility Criteria For Helping Hand For First-Time Buyers
To qualify for the Helping Hand for First-Time Buyers program, you need to meet the following requirements. Keep in mind that meeting these criteria doesn’t guarantee acceptance, as other factors like credit score and overall debt will also be considered.
01.
First-Time Buyers
You must be a first-time buyer to apply for this program.
02.
Loan-to-Value (LTV) Tiers
Available with 5 and 10-year fixed-rate options, the Helping Hand program offers LTVs up to 95%.
03.
Minimum Income
- Sole applicants: £37,000 minimum income required.
- Joint applicants: £55,000 combined income required. Note: All income sources (except self-employed income) are eligible for consideration.
04.
LTV Restrictions for Different Home Types
- Second-hand houses: Up to 95% LTV
- Second-hand flats: Up to 85% LTV
- New build houses: Up to 85% LTV
- New build flats: Up to 75% LTV
05.
Exclusions
- Self-employed income from either applicant is not eligible.
- The mortgage cannot be used in combination with schemes such as Deposit Unlock, First Homes, Shared
- Ownership, Right to Buy, and Help to Buy.
Interest-only mortgages are not eligible.
Simple Contractor Mortgage Process:
Less Paperwork, Maximum Results
- To secure a helping hand as a first time buyer, you will typically need to provide a significant amount of documentation. Thanks to our extensive experience, we’ve streamlined this process to minimise paperwork. Send us: Current address proof such as utility bill or bank statement
- 3 months of bank statements showing your earnings.
An updated CV with your employment history. - Bank statements to show the available deposit amount towards the property purchase.
This efficient approach helps us secure your nationwide’s helping hand with less paperwork than you’d encounter with High Street advisors.
FAQ’S
What is the Helping Hand for First-Time Buyers program?
The Helping Hand for First-Time Buyers is a nationwide mortgage initiative designed to support first-time homebuyers by offering flexible mortgage options with higher Loan-to-Value (LTV) ratios. It helps you make homeownership more accessible.
Who is eligible for the Helping Hand for First-Time Buyers program?
To qualify, you must be a first-time buyer with a minimum income of £37,000 (for sole applicants) or £55,000 (for joint applicants). The program is available to those purchasing homes with varying LTV limits based on property type. Please refer to the full eligibility criteria for more details.
Are self-employed applicants eligible?
Unfortunately, self-employed income is not considered for this program. Only income from employed applicants is eligible.
Can I use the Helping Hand program with other schemes like Help to Buy or Shared Ownership?
No, the Helping Hand program cannot be combined with other government schemes such as Help to Buy, Shared Ownership, Right to Buy, or Deposit Unlock.
Can I apply for the Helping Hand program if I’ve owned a home before?
No, the Helping Hand program is exclusively available for first-time buyers. If you have previously owned property, you are not eligible for this initiative.
Can I use the Helping Hand mortgage for additional borrowing or subsequent purchases?
No, the Helping Hand program is exclusively for the original purchase of a home. It cannot be used for subsequent transactions, additional borrowing, or refinancing.
What happens if I don’t meet the eligibility criteria?
If you don’t meet the eligibility requirements for the Helping Hand for First-Time Buyers program, you may want to explore other mortgage options. Lenders can provide advice on alternative programs or products that may better suit your needs.