Help to Buy mortgage brokers in Exeter
4 independent, FCA-authorised advisers covering Exeter and the wider South West area who handle Help to Buy mortgage cases. Contact them directly — we never sell your details.
Beerstone Financial Services
Exeter
Kelly Gribble - Mortgage adviser - Elite Financial Consulting Ltd
Exeter
Professional Mortgage Services
Exeter
The Mortgage Hub
Exeter
Help to Buy mortgages in Exeter: what to know
The Help to Buy equity loan scheme closed to new applications in England in 2023, but a large number of households in Exeter still hold one and need advice on remortgaging, staircasing or repaying it. Shared ownership and the mortgage guarantee scheme continue to serve a similar purpose for buyers with smaller deposits. Advice here is mostly about managing an existing equity loan rather than obtaining a new one.
- Help to Buy equity loans were interest-free for the first five years. After that, interest begins and rises annually, which catches out households who have not planned for it.
- You repay a percentage of the property's value, not the original cash amount, so a rise in value increases what you owe.
- Not every lender offers remortgage products that sit alongside a Help to Buy equity loan, which narrows your options at the point you most want to switch.
- Repaying the loan requires a RICS valuation, and there is a fee, so plan the timing rather than being forced into it.
What matters locally in Exeter
St Leonard's and the Newtown and Heavitree fringes hold the higher-value period stock; Pennsylvania and Mount Pleasant sit near the university and carry the student and academic rental market. St Thomas, Exwick and Whipton are the more accessible districts, and the outer estates and surrounding villages absorb family demand. The city is compact, with substantial Victorian terraced and mid-century suburban stock and a growing volume of new-build on the eastern edge. Parts of the lower city lie close to the Exe, so flood risk applies to specific streets rather than the city as a whole.
- Flood risk on riverside addresses, where insurance availability determines lender appetite.
- Relocation buyers moving from more expensive regions, where timing the sale, the purchase and any bridging or porting decision is the real work.
England
Buying here follows the England and Wales process: you pay Stamp Duty Land Tax on the purchase, with a surcharge on second homes and buy-to-let, and neither side is committed until contracts are exchanged. Most flats are leasehold, so the length of the lease, the ground rent and service charge, and any outstanding cladding or fire-safety paperwork all affect which lenders will accept the property as security. A broker will usually ask about the tenure before anything else when you are buying a flat.
Do I need two years of accounts to get a mortgage in Exeter?
Two years is the common requirement for self-employed applicants, but some lenders will consider one year where the trading history and sector support it. The bigger question is which figure the lender uses — net profit, salary plus dividends, or in some cases retained profit within a limited company — because that choice can change your maximum borrowing substantially.
Questions worth asking a help to buy broker
- Can I still apply for Help to Buy in Exeter?
- The Help to Buy equity loan scheme closed to new applications in England in 2023. Shared ownership and lender products aimed at 5% deposits are the closest equivalents now available.
- How do I remortgage with a Help to Buy equity loan in place?
- You can remortgage while keeping the equity loan, but the pool of lenders is smaller than for a standard remortgage. You will need consent from the equity loan administrator, which takes time and should be started early.
- When do I start paying interest on the equity loan?
- Interest starts in year six at 1.75% of the outstanding loan, rising each year thereafter. It is charged on the loan, and paying it does not reduce the amount you owe.
- Can I repay part of the equity loan?
- Yes — this is called staircasing, and you can usually repay in tranches of 10% or more. You will need a RICS valuation, because you repay a share of the current value rather than the original sum.