Help To Buy Mortgages

The Government has released two new schemes under the help to buy banner, designed to help stimulate the housing market and also enable people to either get onto the property ladder or for those with minimal equity, to move home with a small deposit.

TALK TO AN EXPERT TODAY ON 01903 821018 or email us
     

Help To Buy for new build only 

The first type of help to buy mortgage is purely for new build properties. Under this scheme the Government will guarantee up to 20% of the loan as long as the property buyer puts down a minimum of 5% deposit. For example on a property of £100,000, the client would put down a minimum of 5%, (£5,000), and the Government will then guarantee up to 20%, (£20,000) so that you only a mortgage for 75% of the property value is needed, in this case £75,000.

Help To Buy for all property types

The second scheme is available to not only first time buyers, but also those moving home and remortgaging. The scheme encourages lenders to lend to those with a 5% deposit or 5% equity by guaranteeing the lender will not suffer any loss on the property by either default or a drop in property values.

 

The scheme has resulted in many lenders offering new schemes at this level and enables people to move home and remortgage where they may previously have found no options were available. It also helps first time buyers to buy their first home with the advantage that this can be used on any property in the UK as long as it meets the lenders criteria.

TALK TO AN EXPERT TODAY ON 01903 821018 or email us
     

The Government guarantee this for 5 years at which point the funds need to be repaid. This could be arranged by remortgaging at that time as long as you meet a lenders criteria. If you sell in the interim, the Government will be repaid on sale. If the property increases in value the Government also get the growth on their 20% but if it drops in value they take the loss on their 20% interest in the property. 

To find out if you are eligible for the Help to Buy schemes or to find the best help to buy mortgage rates available call us on 01903 821018 or 0800 0121033 or submit your query here and one of our mortgage brokers will contact you directly.
     

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE.

We normally charge a fee for mortgage advice, however this will be dependent on your circumstances.  There is no fee for an initial consultation and any fee payable will be explained in full prior to application.

To understand the features and risks please ask for a personalised illustration.

Some of the above products and services are not regulated by the Financial Conduct Authority.

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