Help to Buy and other government-backed schemes
Your home may be repossessed if you do not keep up repayments on your mortgage.
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
The Help to Buy mortgage guarantee scheme helps you buy a home with a deposit of 5% of the purchase price. It’s open to both first-time buyers and home movers for new-build and older homes in the UK, with a purchase price up to £600,000.
The guarantee is provided to your mortgage lender by the government - not to you.
To qualify for a mortgage guarantee, the home you want to buy must:
- have a purchase price of £600,000 or less
- not be a shared ownership or shared equity purchase
- not be a second home
- not be rented out after you buy it
The property doesn’t have to be newly built.
You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use Help to Buy with any other publicly funded mortgage scheme, or an interest-only mortgage.
For details of other government home ownership schemes, please visit https://www.gov.uk/affordable-home-ownership-schemes/overview
Contains public sector information licensed under the Open Government Licence v2.0.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
You will need to take legal advice before releasing equity from your home as Lifetime Mortgages and Home Reversion plans are not right for everyone. This is a referral service.
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