With the government’s help to buy scheme, you can buy a home with as little as a 5% deposit and have lower mortgage repayments than you would with a traditional mortgage arrangement.
The help to buy scheme enables you to get an equity loan of 20% of the property value (40% inside London) from the government. Put together with your 5% deposit, this means that you’ll only need an 75% mortgage on your home. The terms of the scheme vary slightly in different areas of the UK but similar types of scheme are available everywhere.
The government lends you a 20% equity contribution (40% inside London) is interest free for the duration of the loan or the first 5 years in England and is repaid when the property is sold.
Help to Buy Mortgage Advice
- Named fully qualified help to buy mortgage adviser
- Minimum 5% deposit required
- Exclusive help to buy mortgage deals unavailable on the high st.
- Fully independent whole of market help to buy mortgage advice
Maximum Help to Buy Mortgage
- Min Buyer Deposit
- Equity Loan
- Max Buyer Mortgage
Help to buy mortgages are slightly different to more traditional mortgages because the governments equity loan is subject to conditions also. The maximum mortgaged part of the property is 75% but there is a minimum mortgaged amount required of 25%.
Help to buy can only be used with new build homes up to the value of £600,000 that will be your only residence.
It cannot be used to buy homes that have already been lived in.
As help to buy is an equity scheme, if you borrow 20% of the value of the property from the government, you will need to pay back 20% of the property value when you sell.
Help to Buy Mortgages
Because help to buy mortgage criteria varies massively from lender to lender and the rules around mortgage eligibility are so complex, there is no such thing as a straightforward mortgage case.
We can take you through this complex market and find the right help to buy mortgage product for your circumstances, which could potentially save you thousands of pounds.
Let us help find you the perfect mortgage for your dream home.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.