Help to Buy is a new government backed initiative set up to help first time buyers and those looking to move up the property ladder to purchase a property with as little as 5% deposit.
These loans are not available for buy-to-let landlords or second home owners or for a shared ownership purchase.
To qualify for the scheme, Help to Buy Properties must be:
- Priced below £600,000 (In Scotland and Wales the limit is £300,000)
- Full ownership
- New build
The government equity loan scheme is only available from approved participating house builders, many of which we are aware of.
To be eligible for a help to buy scheme you should be able to:
- Be able to demonstrate funds or savings to pay for the required deposit which may be between 5% and 55% of the purchase price, legal fees, stamp duty and costs of moving
- Have a good credit history
- Take out a mortgage with a qualified lender (bank or building society)
- Remove your name from any other property deed at or prior to completion of your new property if you are a home owner wishing to buy a larger property for your family
- Over 18 years of age
- Not planning to sublet
- Existing properties cannot be rented out to buy a second home through the Help to Buy Scheme
Largemortgageloans.com has access to over 60 lenders that can assist with help to buy mortgages and guide you through the process.