How do you get on board with the Government Help to Buy scheme?

new home

Due to the well-known roadblocks that can come up when you are trying to get on the property ladder there are one or two possibilities that may cross your mind. One of these is the Help to Buy scheme, which can provide the financial assistance needed for people who cannot afford to buy their own home.

The scheme has four different types – Help to Buy equity loans, shared ownership, NewBuy, and Help to Buy mortgage guarantees which will come in from January 2014. Help to Buy agents in the area in which a buyer wishes to live can offer more information on shared ownership and the equity loans.

Buyers wishing to go down the route of Help to Buy equity loans have to contribute a deposit of a minimum of 5 per cent of the property price and they will receive a government loan of up to 20 per cent of the price. A mortgage of up to 75 per cent is needed to take care of the rest.

In order to be eligible for the NewBuy scheme, which allows the purchase of a newly built property with a deposit of 5 per cent, there are certain criteria your new home must meet. These include being under £500,000 and it is not possible to use the scheme for shared equity purchases or ownership. The NewBuy website provides information on how to apply and an approved mortgage lender will be required.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>