Help to Buy Mortgage Deals
Prospective homeowners could have the option to buy with a deposit of as little as 5% of the property value. The Government offers a guarantee of 15% of the loan to the lender. The scheme will be available for first-time buyers and home movers borrowing to buy homes up to a value of £600,000. The Help To Buy scheme is available to existing homeowners and first time buyers, and can be used to purchase a new build or an existing house.
The Help To Buy Mortgage scheme has several criteria that you must meet in order to be eligible, including:
- You must be planning to live in your house and not rent it out i.e. it will be your main residence
- You cannot own any other property, in full or in part
- The property you want to buy must be in the UK
- You and any joint applicant must be over 18
- The purchase price or valuation of the property must be no more than £600,000
- You must be able to provide a deposit of at least 5% but less than 10%
- The mortgage must be taken out on a capital and interest repayment basis (i.e. it can’t be interest only)
- The mortgage must be to buy your only property - you cannot use it to buy a second home
- The mortgage cannot be for a shared equity or shared ownership purchase
- You and any joint applicant must be able to meet the mortgage lender's affordability criteria
- You and any joint applicant are able to meet the mortgage lender's underwriting criteria - such as an acceptable valuation and being able to provide proof of income, etc.
If you require independent advice on help to buy mortgages please use our mortgage quotes and advice service or call us on 0117 332 6063.