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Help To Buy

Help to Buy is a government scheme that means you could move home with a deposit as low as 5%. Whether you're taking your first step onto the property ladder or moving up a rung. The scheme is designed to help buyers who may previously have struggled to raise a sizeable deposit and thought buying their own home was out of reach. It's the same as a traditional mortgage, except the government guarantees a portion of the loan to an affiliated lender (though the agreement is between the lender and the government, not you!). You will barely notice the difference

Mortgage Guarantee Scheme

If you're after pre-owned home, the Mortgage Guarantee scheme could help you. It gives you the freedom to purchase any property in the UK up to the value of £600,000, with a mortgage for 95% of the purchase price

The Mortgage Guarantee scheme can only be used for property you intend to occupy, and must be your only property. A minimum deposit of 5% of the property value will be required. The rest is par for the course - as long as you tick the lender's boxes in terms of credit score and loan-to-income ratios. Another thing to note is that the scheme only applies to repayment mortgages. Interest-only and self-certified mortgages are not included.

Equity Loan scheme

If you are interested in buying a new-build property, the Equity Loan scheme could help. Since April 2013 the scheme has made it possible to borrow up to 20% of the cost of a new build from the government. You only need a 5% deposit and a 75% mortgage to make up the rest.

Here's a quick summary of the important bits:

  • Available for pre-owned properties and new builds across the UK - up to the value of £600,000.
  • Both existing homeowners and first-time buyers are eligible.
  • Buyers need a minimum of a 5% deposit.
  • You must occupy the property and it must be your only property.
  • Available across the UK from participating mortgage lenders.
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