Help to Buy Scheme: Mortgage help from January 2014

publication date: Apr 2, 2013
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Help to Buy Scheme: Mortgage help from January 2014

What is it?
Help to Buy offers schemes aimed at helping FTBs and people wanting to move up the housing ladder and perhaps struggling due to negative equity or difficulties raising a deposit. 

Why is it different? 
Help to Buy offers support to people wanting to move up the housing ladder and perhaps struggling due to negative equity or difficulties raising a deposit. The difference with this scheme is it will allow you to purchase a second hand home, not just a new build.

What is Help to Buy – Mortgage support?

This scheme hasn’t been explained in detail yet, so we are awaiting how it will work. To date, the government are looking at making available £12bn of guarantees to lenders to support £130 billion of high LTV mortgages.

Lenders will be given the option to purchase a guarantee on the high LTV portion of the mortgage and if the property is repossessed, then the government will take some of the losses.

Only available for people who have between a 5% and 20% deposit.

Who will run the scheme?
It’s likely this will be promoted through http://www.homebuy.co.uk/help_to_buy.aspx. Do look at other schemes, so do check out which is right for you such as Shared Ownership, Rent to Buy, Armed Forces, Disabilities, Right to Buy. 

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