Help to Buy
What is help to buy: mortgage guarantee?
Following the financial crisis, many credit-worthy people are finding it difficult to get a mortgage today because of the large deposit required. To help address this issue, the Government has created Help to Buy: mortgage guarantee scheme to increase the number of low-deposit mortgages available for credit-worthy households.
Launched in October 2013 but not available until the 2nd January 2014, the Treasury has offered three different bands of guarantee for different Loan to Value (LTV) amounts:-
· 80% – 85%
· 85% – 90%
· 90% – 95%
Specific criteria will apply in order to gain eligibility:-
· You will be planning to live in your house and not rent it out (it will be your main residence)
· You cannot own any other property, in full or part
· The property must be in the UK
· You and any joint applicant must be over 18
· The purchase price or valuation must be no more than £600,000
· You have a deposit of at least 5% but less than 10%
· The mortgage can only be taken out on a capital and interest repayment basis only
· The mortgage must be to buy your only property so you cannot use it to buy a second or further home
· The mortgage cannot be for a shared equity or shared ownership purchase
· You and any joint applicant are able to meet the governments affordability criteria
· You and any joint applicant are able to meet underwriting criteria such as an acceptable valuation and proof of income etc
· The scheme is available to existing homeowners and first time buyers and can used to purchase a new build or existing home.
But before you contact us why not checkout some of our customer feedback below:
For more customer feedback please visit our Feedback page.
“I would like to thank you for all your brilliant work dealing with this matter – you have been superb.”
M & H J from Latchingdon, Maldon, Essex.
“I would like to say thanks for helping to sort the re-mortgage. It was a pleasure and thank you for being
so efficient and on top of everything.”
K & I G from Ware, Hertfordshire.
“An excellent and professional service.”
C & K M from St Lawrence, Maldon, Essex.