Help to Buy mortgage brokers in Solihull
4 independent, FCA-authorised advisers covering Solihull and the wider West Midlands area who handle Help to Buy mortgage cases. Contact them directly — we never sell your details.
Acclaimed Mortgage Consultancy Ltd
Birmingham
Ailes Mortgage Solutions Ltd
Solihull
iM Mortgages
Solihull
Mortgage Circle
Birmingham
Help to Buy mortgages in Solihull: 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 Solihull 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 Solihull
Knowle, Dorridge and Barston sit at the top of the market with substantial detached houses and village character. Olton, Shirley and Solihull Lodge are more mixed, with interwar semis and a broader price range. Chelmsley Wood and Kingshurst to the north are considerably more affordable and include significant former local-authority stock. The borough has seen sustained new-build activity, and proximity to the airport, the NEC and the future high-speed rail interchange keeps demand from professional buyers steady.
- Porting an existing deal on a home move within the borough, which preserves an existing rate but still requires a full reassessment.
- Larger loan sizes, where lenders apply tighter loan-to-income limits above certain thresholds and a handful of lenders price specifically for higher-value lending.
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.
Does a big bonus help me borrow more in Solihull?
It helps, but rarely pound for pound. Most lenders count 50% of a regular bonus, some count 100% with a two-year track record, and a few disregard it entirely. On the loan sizes typical in this borough, that difference in treatment can amount to a very large sum, which is why the choice of lender matters as much as the rate.
Questions worth asking a help to buy broker
- Can I still apply for Help to Buy in Solihull?
- 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.