There is no doubt that the Governments scheme to boost the sales of newly built houses has been a success. At Ryder & Dutton we are pleased to be a part of this. Most new developments we are marketing offer the help to buy scheme for new homes so contact our New Homes department for further details.
There has been a great deal of interest in the Governments next phase of the Help to Buy scheme which will help people buy existing rather than new properties. This next phase involves the Government providing the lender with a guarantee for the top part of the loan meaning not only that the lenders will offer a 95% mortgage but also hopefully at an attractive rate of interest.
Further details below.
Help to Buy mortgage guarantees
From 1 January 2014, the Help to Buy mortgage guarantee will help you buy a home with a deposit of only 5% of the purchase price.
Help to Buy mortgage guarantees will be open to both first-time buyers and home movers. However, you won’t be able to get a Help to Buy mortgage guarantee if you’re planning on renting out the property.
The guarantee is provided to your lender – not to you.
To qualify for a Help to Buy mortgage guarantee, the home you want to buy must:
The property can be newly built or already existing.
You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use Help to Buy with any other publicly funded mortgage scheme.
How to apply
You can’t apply yet. More information will be available later in 2013.
We will update this as soon as we have further details but this could be the opportunity First Time Buyers need to get that all important frist foot on the ladder.