Help to Buy is a government backed scheme offering either an equity loan or a mortgage guarantee to assist you in the purchase of your new or second hand home, with a deposit as little as 5%.
- Option 1 - Equity Loan is available now until March 31st 2020.
- Option 2 - Mortgage Guarantee is available now.
If you are looking to buy we advise you arrange a no obligation consultation with one of our Mortgage Advisers by calling 01395 222391.
Option 1 - Equity Loan
What is it?
The Help to Buy equity loan makes new build homes available to all home buyers (not just first time buyers) who wish buy a new home, but may be constrained in doing so. As long as you have a deposit of 5%, up to 20% of the purchase price is available through an equity loan funded by the Government. A mortgage for the remaining 75% will need to be secured from a commercial lender.
Help to Buy will run from April 1st 2013 until 2020.
Who qualifies?
- The scheme is open to first-time-buyers as well as home movers.
- You must have a minimum deposit of 5% of the full purchase price.
- You must be eligible to take out a mortgage from a commercial lender.
What properties are included?
- New build properties only (check out the mortgage guarantee scheme below for existing properties).
- Properties under £600,000 in value.
- Help to Buy is currently only available in England.
Option 2 - Mortgage Guarantee
What is it?
A Help to Buy mortgage guarantee lets you buy a newly built home or an existing property with a deposit of 5% of the purchase price.
Help to Buy mortgage guarantee scheme is scheduled to end on December 31, 2016.
Who qualifies?
To qualify for a Help To Buy mortgage guarantee, your new home must be:
- Priced £600,000 or less
- Your main home (you can't use Help To Buy to buy a second home or a buy-to-let property)
- Owned fully by you (you can't use Help To Buy for shared ownership or shared equity purchases)
To qualify you must be either:
- A UK citizen.
- Properties under £600,000 in value.
- Someone with the right to remain indefinitely in the UK.
You don't have to be a first-time buyer and there's no limit on your level of income. But you can't use Help To Buy with any other publicly funded mortgage scheme.
NoteThis scheme is only available for your main residence & on HTB option 1 you cannot own any other property.
Contact us to find out more...
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