Mortgage Adviser Bournemouth & Financial Advice Bournemouth

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Help to Buy Scheme

Help to buy scheme - what's on offer

The government help to buy scheme is set to provide £3.5 billion in investment to help home buyers afford their homes. This help to buy scheme is designed to get the property sector moving again and we can help assist buyers with the help to buy scheme process. Simply fill out our call back request form - selecting 'help to buy scheme' as your area of interest and a financial expert will give you a call back to assist with your process.

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Help to buy scheme - who is it available to?

This help to buy scheme is available to anyone who is looking to buy a new build property but may need assistance with affording the deposit for their new property. The government will be able to assist with the lending process for the deposit based upon your financial circumstances. They will in some cases act as a guarantor for the loan to help reduce the risk to the mortgage lenders.

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Help to buy scheme - what is provided by the government

The government will assist with the help to buy scheme in the following ways:

  • They will provide a loan against the property of up to 20% of the property value which is INTEREST FREE for 5 years, This can be repaid at any time or just when the home is sold giving the applicant flexibility within the help to buy scheme.
  • They will be able to increase the criteria for loans to ensure that many people are able to benefit, the maximum value of the home under this scheme is £600,000. There is no cap on the income of the applicants of the buy to let scheme.
  • This scheme is not for first time buyers only to ensure that people are able to move up the ladder.

Help to buy scheme - mortgage guarantee

The help to buy scheme will require that the buyer only needs to place a 5% deposit on the property. The help to buy scheme will be available to people who are already a homeowner and are looking to move up the property ladder, which will create space for new buyers to enter the market, so as not to create a bottleneck on the first time buyer properties.

The help to buy scheme is available on properties with a value of up to £600,000 which is well above the national average property value, making this type of scheme available to a large majority of buyers.

The help to buy scheme is available for those who are able to place a deposit of 5-20% of the purchase price of the property. This makes buying a property much more accessible as many lenders are still quite strict on the amount of money they will lend with small deposits, and for a good rate, thus reducing the chances of a good lending rate for the borrower. Because of the government lending this increases the range of lenders and gives the borrower more chance of a competitive loan rate.

Help to buy scheme - availability

This scheme is now available. We can assist with the process and will be able to guide you through the scheme. Fill out our form on the right for one of our mortgage experts to get in touch.