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Help to Buy
Help to buy is a government-backed scheme which helps first time buyers and existing home owners purchase a home with as little as 5% deposit.
With Help to Buy, you can buy a new home with just 5% deposit – whether you’re a first time buyer or you’re moving on from your existing home.
Who can benefit from Help to Buy?Help to Buy is available to both first time buyers and existing home owners alike and means you can buy a new home with a low 5% deposit.
Help to Buy cannot be used in conjunction with any other scheme
How does Help to Buy work?There are two ways to buy a new home with a 5% deposit using the Help to Buy scheme.
How does the Help to Buy equity loan work?With the Help to Buy equity loan scheme, you’ll need as little as 5% deposit to buy a new home.
The Government will provide an equity loan of up to 20% of the value of your property and you’ll need to obtain a 75% mortgage.
With a 75% mortgage, your mortgage repayments could be more affordable if you buy a home using the Help to Buy scheme.
Help to Buy is exclusively available on new homes. Read on to find out more about the equity loan scheme.
With the Help to Buy equity loan scheme:
How does the Help to Buy mortgage guarantee work?With the Help to Buy mortgage guarantee scheme you could get a 95% mortgage, which means you only need to put down a 5% deposit to buy a new home.
With the Help to Buy mortgage guarantee scheme, you only need a 5% deposit to buy your new home.
Great news for first time buyers who are struggling to save for a large deposit, and existing home owners who have limited equity in their current home.
Read on to find out more information about the mortgage guarantee scheme.
With the Help to Buy mortgage guarantee scheme:
This makes it less risky for lenders to offer a mortgage to a borrower with only a 5% deposit, and means that they will be able to offer cheaper rates than previously available with a 5% deposit.