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Help to Buy: mortgage guarantee?

Lots of people are finding it difficult to obtain a mortgage in today’s climate because of the necessary deposits following the financial crisis. To ease this burden, the Government has created the Help to Buy Mortgage Guarantee scheme to increase the number of low-deposit mortgages available for credit-worthy households. The scheme helps buyers to purchase a property with a deposit as low as 5%.

How does the scheme work?

The Government offers mortgage lenders such as RBS, Halifax, NatWest, Abbey to name but a few the option to purchase a guarantee on mortgages for a new or existing property. Because of government support, lenders are able to offer more mortgages to borrowers with smaller deposits.

How can it benefit me?

If you are able to secure a mortgage but don’t have a huge deposit, this scheme will benefit you by giving you access to low deposit mortgages.

peas
 

Who is eligible for the scheme?

Any borrower seeking assistance from the Help to Buy mortgage guarantee scheme will need to meet the lenders affordability criteria in the standard way. Other criteria is that it must be a residential mortgage, the property must be in the UK and the purchase value must be £600,000 or less; the mortgage must be taken out on a repayment basis and the mortgage must be to buy your only property. These include 'first time buyers' trying to get onto the property ladder and ‘second-movers’ needing to move up the ladder to a bigger home.

For more information on finding the right mortgage for you, contact Altogether Financial Solutions or complete the contact us form and we be happy to address your questions.


How does the scheme work?

The Government offers mortgage lenders such as RBS, Halifax, NatWest, Abbey to name but a few the option to purchase a guarantee on mortgages for a new or existing property. Because of government support, lenders are able to offer more mortgages to borrowers with smaller deposits.

How can it benefit me?

If you are able to secure a mortgage but don’t have a huge deposit, this scheme will benefit you by giving you access to low deposit mortgages.

peas

Who is eligible for the scheme?

Any borrower seeking assistance from the Help to Buy mortgage guarantee scheme will need to meet the lenders affordability criteria in the standard way. Other criteria is that it must be a residential mortgage, the property must be in the UK and the purchase value must be £600,000 or less; the mortgage must be taken out on a repayment basis and the mortgage must be to buy your only property. These include 'first time buyers' trying to get onto the property ladder and ‘second-movers’ needing to move up the ladder to a bigger home.

For more information on finding the right mortgage for you, contact Altogether Financial Solutions or complete the contact us form and we be happy to address your questions.