The Government Help to Buy scheme has helped countless first-time buyers and those looking to move get into their desired property. Let our mortgage advisors show you how.
The Government Help to Buy scheme is designed to help you break into the property market without needing the usual 20% deposit in return for a higher mortgage repayment rate. With the Help to Buy scheme, you’ll only need 5% of the total cost of the house, which can help you if you’re struggling to save for the initial fee.
If you already have a higher deposit available, there’s almost certainly a better choice to take. However, the Help to Buy scheme is a good choice if you’re looking to own your first property.
Bear in mind that the Government Help to Buy scheme is being changed in January 2017. If you’re planning to use this scheme to help you buy your home, it’s worth talking to us first as there might be better deals available soon.
Why Choose Rite Mortgages?
Expert, accurate advice from professional mortgage brokers.
Access to mortgage rates you won’t get from high street lenders.
We’ll manage the process from start to finish, including documentation and negotiation.
Long-term support from our dedicated mortgage advisors. We’re happy when you are.
Free, no-obligation review of your current situation.
We’re directly Authorised by the FCA (Financial Conduct Authority).
The Help to Buy Mortgage Guarantee
The Help to Buy scheme is designed to help those who have less than the usual deposit available for their desired home. Most banks will not provide loans for anything more than 75% of the house price. However, the Help to Buy scheme guarantees the bank more financial security, making 90%-95% loans less of a risk. Although you’ll end up spending more on the mortgage in the long run, it does help you own and start paying off a home sooner.
This scheme can be used for regular or newly built homes under £600,000, and you can be a first-time buyer or a current homeowner looking to move.
If you think a Help to Buy scheme is right for you, get in touch with our mortgage advisors and we’ll talk you through the process, or recommend a different scheme if we think you’d benefit more.
Help to Buy Equity Loans
Similar to the Help to Buy mortgage guarantee, the Help to Buy equity loans are offered by certain home building associations. This allows you to put down a 5% deposit on a home, with the government providing up to 20%. This allows you access to the cheaper 75% mortgage rates, but puts restrictions on letting the home out, making selling the home less profitable.
We’ll show you how to make sure the Help to Buy equity loans work in your favour and can manage everything — from paperwork, to negotiations and more. Get in touch and we’ll talk you through it.
Struggling to afford your dream home? We can help!
The Help to Buy scheme could be the best way for you to get into your dream property. Get in touch with us via the form below and find out how we can help.