The team at Zoopla have produced is a very detailed and clear update on the Help to Buy Scheme.
Please visit http://www.zoopla.co.uk/help-to-buy/ to read the full article.
There are to main options one of which is ending on 31 December 2016
Help to Buy Equity Loan
Under the Equity Loan part of Help to Buy, first-time buyers and home-movers only need to find a deposit of 5% of the property’s value. The Government will then provide an equity loan of a further 20%, meaning you’ll only need to qualify for a 75% mortgage.
Help to Buy Equity Loan is available in England until 2020 on new-build homes worth £600,000 or less.
Help to Buy Mortgage Guarantee
The Mortgage Guarantee version of Help to Buy requires first-time buyers and home-movers to find a deposit of between 5% and 20% of the property's value.
But instead of a loan, the Government provides a guarantee to the mortgage lender of 15% of the property value. The idea is that, with the extra security, the rate charged on your mortgage will be lower.
Help to Buy Mortgage Guarantee is available throughout the UK until 31 December, 2016. It is available on both new-build and existing homes worth £600,000 or less.
For further details about how we can help you with all your First Time Buyer requirements, please visit
https://www.bristolmortgagesonline.com/first-time-buyers for Bristol First Time Buyers
https://www.exetermortgagesonline.com/first-time-buyers for Exeter and Devon First Time Buyers
Call us today on 0117 325 1511 for your Free Consultation. Let Us Help You get an Agreement in Principle, so you can then go and put an offer in on the property of your dreams!