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Help to Buy Mortgage Guarantee Scheme - Ends 31st December 2016

Wednesday, December 07, 2016 10:15:00 AM

How does it work?

A mortgage supported by the Help to Buy: mortgage guarantee scheme works in exactly the same way as any other mortgage other than the fact that the Government offers lenders the option to purchase a guarantee on mortgage loans.
Because of this support any lenders taking part are able to offer home buyers more high loan-to-value mortgages (80-95%).

You remain 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.

Who is eligible?

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 your credit ratings are sufficient to lend on.
To qualify for a mortgage supported by Help to Buy: mortgage guarantee:

  • the property can be an existing or new build home in the UK, priced up to £600,000
  • you must not own any other property anywhere in the world at the time you buy your home supported by the Help to Buy: mortgage guarantee scheme
  • your mortgage must be a repayment one, not interest only. Offset and guarantor mortgages are also excluded from the scheme
  • you cannot let out the property to somebody else
  • mortgages can only be taken out by individuals and not businesses.
  • other than using a Help to Buy: ISA to boost your savings, you cannot use the Help to Buy: mortgage guarantee scheme with any other government home-buying scheme such as Help to Buy: Equity Loan, Shared Ownership or Right to Buy. Your deposit for the property cannot come from publicly-assisted loans
  •  there are no additional fees to the Government to get a Help to Buy mortgage
  • the size of the mortgage must be less than 4.5 times your income.

How To Apply?

Contact the Mortgage Brain in Gloucester on 0333 340 8888 or email info@themortgagebrain.net for more information or to apply. We work with a huge number of the lenders supporting this scheme and can work with you to find the mortgage best suited to your requirements …. but be quick because the mortgage guarantee scheme ends on the 31st of December 2016.



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