Help to Buy – Mortgage Guarantee

Whether you are a First Time Buyer or looking to move home, the government-backed Help to Buy Mortgage Guarantee Scheme could be of assistance.

A mortgage supported by the Help to Buy: mortgage guarantee scheme works in exactly the same way as any other mortgage except that under the scheme the Government offers lenders the option to purchase a guarantee on mortgage loans.

Because of this support, lenders taking part are able to offer home buyers more high-loan-to-value mortgages (80-95%).

Key Scheme detail

  • the property you are purchasing could be an existing or new-build home in the UK, priced up to £600,000Help_to_Buy_mortgage_guarantee_small
  • 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 can’t let out the property to somebody else your mortgage can be taken out by an individual or individuals but not by a company
  • you cannot use the mortgage guarantee scheme with any other Government scheme such as Help to Buy: equity loan or shared ownership.
  • Your deposit for the property can’t come from a government scheme either you don’t have to pay any additional fee to Government to get a Help to Buy supported mortgage the size of the mortgage you apply for must be less than 4.5 times your income.

 

 

 

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Central Financial Services is a trading style of Central Financial Services (UK) Ltd which is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Conduct Authority. There may be a fee for mortgage advice. The precise amount will depend on your circumstances but we estimate it will be £250. Your home(property) may be repossessed if you do not keep up repayments on your mortgage. Please note Buy to Let mortgages are not regulated by the FCA. Registered in England and Wales Reg. 8807671 Registered Address: 170 Halton Road, Sutton Coldfield, B73 6NZ.