Help To Buy Scheme

Help To Buy

Help To Buy

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

Musts

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

MYTHS

  • 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.

Contains public sector information licensed under the Open Government Licence v2.0.

This article (Help to Buy and other government-backed schemes) is intended to provide a general appreciation of the topic and it is not advice.

For more information please contact Sterling Capital Financial Services on 0207 429 0358 or email  info@sterlingcapitalservices.co.uk and we will be happy to assist you.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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