Help to Buy
The Help to Buy scheme is a government funded scheme to help hard-working people take steps to buy their own homes. The scheme is available for both first time buyers and existing home owners and means you can buy a new home with a low 5% deposit.
As a first time buyer it can be difficult to raise a large deposit to purchase your first home. With Help to Buy you’ll need to save just 5% deposit to get a mortgage, which means you could purchase your new home sooner than you thought.
If you are an existing homeowner you can use Help to Buy to trade up to a bigger property, even if you have limited equity in your current home, because you will only need 5% deposit to move.
How does It work?
There are two ways to buy a new home using the scheme:
– The Help to Buy interest free equity loan, which is only available on new build properties. This could reduce your mortgage repayments making this an affordable option.
The Help to Buy mortgage guarantee, which means that you could get a 95% mortgage on the home of your choice
For more information about the Help to Buy scheme please visit the website https://www.helptobuy.gov.uk/