Help to Buy and other government-backed schemes
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
The Help to Buy mortgage guarantee scheme helps you buy a home with a deposit of 5% of the purchase price. It’s open to both first-time buyers and home movers for new-build and older homes in the UK, with a purchase price up to £600,000.
The guarantee is provided to your mortgage lender by the government – not to you.
Eligibility
To qualify for a mortgage guarantee, the home you want to buy must:
- have a purchase price of £600,000 or less
- not be a shared ownership or shared equity purchase
- not be a second home
- not be rented out after you buy it
The property doesn’t have to be newly built.
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, or an interest-only mortgage.
For details of other government home ownership schemes, please visit https://www.gov.uk/affordable-home-ownership-schemes/overview
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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Explore your mortgage options
Before you choose a specific deal, you need to decide what type of mortgage is the most appropriate for your needs.
People buying their first home often have specific needs when it comes to finding a mortgage. A range of mortgages exists specifically for this market sector.
With options for overpayment and payment ‘holidays’, a flexible mortgage can make the traditional 25-year British mortgage look rather old-fashioned.
These are mortgages suited to people building a new home. With a self build mortgage, money is released in stages as the build progresses.
Remortgaging means switching your mortgage to another deal with another lender without moving property.
Equity release can help people release cash (equity) in their homes for a particular purpose, like supplementing retirement income.
These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property but will let property to tenants.
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one.
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Second charge loans can be secured against residential or Buy to Let properties.