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, Lenders taking part are able to offer home buyers more high-loan-to-value mortgages (80-95%).
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 Help to Buy: mortgage guarantee:
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 Lenders cross the UK. You can apply for a mortgage through participating high street lenders or through a mortgage broker.
For further information regarding the Help to Buy Scheme or how we may be able to assist you with any property matter, please contact our Conveyancing Team on 01639 885261 we will be happy to help you.