Help to buy scheme 2013 & 2014
Help to Buy is a series of Government schemes aimed at helping homebuyers without a large deposit to get a mortgage. Assistance is provided through either an equity loan or a mortgage guarantee.
Help to Buy - Equity Loan
This scheme is aimed at helping first time buyers and homemovers with a deposit as small as 5 per cent to buy a new build property in England.
The Government will provide borrowers with a loan for 20 per cent of the property, meaning only a 75 per cent mortgage is required from a lender.
This scheme is available in England now until March 31, 2016.
Help to Buy - Mortgage Guarantee
This scheme is designed to help homeowners as well as first time buyers to purchase either a new build or an existing property in the UK with as little as 5 per cent deposit.
A mortgage of up to 95 per cent is required from a lender, of which the Government will guarantee the lender up to 15 per cent of the property’s value.
The Government guarantees officially apply from January 2014, but borrowers can already begin applying for and receiving the loans today.
Help to Buy (Scotland)
Backed by the Scottish Government, the scheme is designed to help people buy a new build home in Scotland from a participating home builder.
Open to all home buyers, not just first time buyers, and provides help of up to 20 per cent of the purchase price of a home.