Help To Buy

Government Schemes

Help to Buy

The chancellor continues to help house-builders and first time buyers alike. Not just for new homes only, there’s £12 billion to increase the access for those who are unable to save a large deposit. Those who qualify no longer have to have a household income of less than £60,000. A deposit of at least 5% is required – the higher your deposit, the better.

Help to Buy is an expansion of the existing scheme (FirstBuy) whereby if you can come up with 5% deposit and secure a 75% mortgage then you can apply an interest-free (for the first five years) equity loan for up to 20% of the value of the property. This scheme starts on 1st April 2013 and will run for the remainder of the decade. Available through local HomeBuy agents. Email to find out who your local HomeBuy Agent is and their contact details. If you have a 5% deposit saved, see if you qualify for a Help to Buy shared equity mortgage by asking our mortgage advisors.

Help to Buy part 2 started in October 2013 and the Government will guarantee to cover some of the losses incurred by the mortgage lenders in the event of a repossession thereby making lenders more willing to lend and making first time buyer mortgages more accessible. You still need a 5% deposit at least and to secure a mortgage. This appears to be a development of the NewBuy scheme.

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