Help to Buy Mortgage Guarentee Scheme – New or old property
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 of up to 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.
The details of the Help to Buy Mortgage Guarentee Scheme – New or old property are detailed below with more information available at www.helptobuy.org.uk
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Who is Eligible
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 can’t let out the property to somebody else
Your mortgage can be taken out by an individual or individuals but not by a company
You cannot use the mortgage guarantee scheme with any other Government scheme such as Help to Buy: equity loan or shared ownership.
Your deposit for the property can’t come from a government scheme either
You don’t have to pay any additional fee to 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 for three years until 31 December 2016.