A mortgage supported by the Help to Buy mortgage guarantee scheme works in exactly the same way as any other mortgage except that under the scheme the Government offers lenders the option to purchase a guarantee on mortgage loans.
Because of this support, Help to buy lenders taking part are able to offer home buyers more high-loan-to-value mortgages up to 95%.
You will still be fully responsible for your mortgage repayments. So if you have a 5% deposit, you will need to take out and pay back a 95% mortgage.
A mortgage under the Help to Buy mortgage guarantee scheme works like any other mortgage. Your lender will check that you can afford the mortgage and that you do not have a history of payment difficulties.
To qualify for a mortgage supported by the Help to Buy mortgage guarantee scheme:
The Help to Buy mortgage guarantee scheme will run for three years until 31 December 2016.
The Help to Buy mortgage guarantee scheme is offered by mortgage Help to buy lenders across the UK. Your next step is to find a suitable lender. Our friends at Create Financial Management have Independent Mortgage Advisers who use sophisticated IT systems and industry experience to find the most appropriate mortgage for their clients and will be able to indicate how much you may be able to borrow.
Thereafter simply look out for the help to buy logo, find your ideal home and put your offer in! We and your mortgage advisor/lender will do the rest
For a free no obligation mortgage discussion, please complete the simple form below and someone from Create Financial will be in touch at a time to suit you.