The aim of Help to Buy is to help homebuyers get on or move up the property ladder without the need for a sizeable deposit.
Initially launched in April 2013, part one of the scheme focused on new build property and therefore was only available to people wanting to buy a newly built property.
Part two, which will now launch in October 2013, will allow buyers to purchase new or older properties with as little as just a 5% deposit.
Lenders are able to offer higher loan to value mortgages as the government will provide them with a guarantee for up to 15% of the property’s value, in exchange for a fee.
Who benefits?
You don’t need to be a first time buyer to benefit from Help to Buy and you no longer need to now buy a new build property. There is also no limit regarding your level of income.
The only conditions are:
- You are purchasing a property for £600,000 or less.
- The property cannot be a shared ownership or shared equity purchase.
- You cannot rent out the property.
- You cannot use Help to Buy with any other publicly funded mortgage scheme.
For more information please contact us or pop into your local Jeffries branch to speak to one of our advisors.
Your home may be repossessed if you do not keep up repayments on your mortgage. We do not charge a fee for mortgage advice however a fee paying option is available. A typical fee would be £499.