There are two main Help to Buy Schemes in the UK at present –
- An Equity Loan
- Mortgage Guarantee
A Help To Buy Equity Loan is for people that wish to buy a new build property that they wouldn’t otherwise be able to afford in their area due to not having a sufficient income and/or deposit to secure the level of mortgage needed.
A Help to Buy Mortgage Guarantee is a scheme for people that have an existing good credit records and can basically afford to purchase the property outright. This means that deposits put down can be as low as 5% with the support from the government scheme.
The lenders, because of this, allow borrowers to obtain a higher loan-to-value (LTV) mortgage.
Always seek independent advice when considering your mortgages options. We will access the whole market to find you the best product for your circumstances.
Think carefully before securing other debts against your home. 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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