The government are working hard with mortgage lenders to encourage home ownership and boost affordability. Getting onto the first rung of the property ladder is notoriously difficult, and often the biggest barrier facing first-time buyers is amassing a deposit large enough to secure a keenly-priced mortgage rate. This is where Help to Buy could help you…
5% Deposit – A Help to Buy Equity Loan is for those who want to purchase a newly built home. The government lends you up to 20% of the cost of your home and you put down a 5% deposit and take out a mortgage for the remaining 75%. You won’t be charged interest on the government loan for the first five years, and if you decided to sell the property you will need to repay the government back its share of the property value.
5% Deposit – A Help to Buy Mortgage Guarantee Scheme is available on all properties up to a value of £600,000. Under this scheme, lenders are able to purchase a guarantee on their mortgage loans from the government to protect them against losing any money. This therefore means you can get a 95% mortgage at reasonable interest rates.
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