Help with Help to Buy
There are three types of Help to Buy scheme, designed to help first time buyers onto the property ladder, as well as existing home owners who are looking to move.
Am I eligible?
The scheme is available to first time buyers and existing home owners, but only on new-build properties with a value up to £600,000. The property must be your home (you can’t rent it out) and must be the only property that you own when you buy it.
What is it?
With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your new-build home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
When you sell the property, you will have to pay off the 20% loan as well as your mortgage out of the proceeds of the sale.
Am I eligible?
The Mortgage Guarantee is available to both first time buyers as well as existing homeowners and can be taken out on both existing and newly-built properties. The property must be your own home and can’t be let out, as well as being the only property that you own when you buy it. The scheme can only be taken with repayment mortgages and can’t be taken out with the Help to Buy: Equity Loan.
What is it?
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%).
You will still be 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.
Am I eligible?
The Help to Buy ISA is a only available to first time buyers but can be used to help buy either a newly-built property or an existing one, up to the value of £250,000 (or £450,000 in London). Help to Buy ISA accounts are limited to one per person, not one per household so if you’re buying with someone else, both of you can use this scheme.
What is it?
The Help to Buy ISA is a savings account where you can save up to £200 a month towards your first home, and the Government will boost your savings by 25%. That’s a £50 bonus for every £200 you save. You can receive a bonus of up to £3,000. This means if you save £12,000, the government bonus will boost your total savings to £15,000.
The scheme will launch on 1 December 2015 and new accounts will be available for 4 years. Once you have opened an account there’s no limit on how you long you can save for. Accounts will be available through banks and building societies and you can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings. There is no minimum monthly deposit but the maximum you can save is up to £200 a month.
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