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Help to Buy Scheme

Open the door to owning your home

Help to Buy Shared Ownership

A mortgage supported by the Help to Buy mortgage guarantee scheme works in exactly the same way as any other mortgage except that under the scheme the Government offers lenders the option to purchase a guarantee on mortgage loans.

Because of this support, lenders taking part are able to offer home buyers more high loan-to-value mortgages (80-95%).

You will still be fully responsible for your mortgage repayments. So if you have a 5% deposit, you will need to take out and pay back a 95% mortgage.

Who is eligible?

A mortgage under the Help to Buy: mortgage guarantee scheme works like any other mortgage. Your lender will check that you can afford the mortgage and that you do not have a history of payment difficulties.

To qualify for a mortgage supported by Help to Buy: mortgage guarantee:

  • the property you are purchasing could be an existing or new build home in the UK, priced up to £600,000
  • you must not own any other property anywhere in the world at the time you buy your home supported by the Help to Buy: mortgage guarantee scheme
  • your mortgage must be a repayment one, not interest only. Offset and guarantor mortgages are also excluded from the scheme
  • you cannot let out the property to somebody else
  • your mortgage can be taken out by an individual or individuals but not by a company
  • other than using a Help to Buy: ISA to boost your savings, you cannot use the Help to Buy: mortgage guarantee scheme with any other government home-buying scheme such as Help to Buy: Equity Loan, Shared Ownership or Right to Buy. Your deposit for the property cannot come from publicly-assisted loans
  • you don’t have to pay any additional fee to the Government to get a Help to Buy supported mortgage
  • the size of the mortgage you apply for must be less than 4.5 times your income.

The Help to Buy: mortgage guarantee scheme will run until 31 December 2016.

– See more at: https://www.helptobuy.gov.uk/mortgage-guarantee/eligibility/#sthash.OIQTyKlJ.dpuf

How to apply

The Help to Buy: mortgage guarantee scheme is offered by mortgage lenders across the UK. You can apply for a mortgage through participating high street lenders or through a mortgage broker.

Your next step is to find your home and talk to your lender. Look out for the Help to Buy logo.

– See more at: https://www.helptobuy.gov.uk/mortgage-guarantee/how-to-apply-mortgage-guarantee/#sthash.sXkumFeB.dpuf

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Answer a few simple questions about your circumstances and we’ll do the rest