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How does the government mortgage guarantee (or "help to buy scheme") work?

Hello, my daughter would like to purchase a home. She has got a job but she is afraid she won't be able to get a mortgage, due to the high deposit required. I've heard about the government help to first time buyers but I don't know anything abut requisites and of the effectiveness of this support. Do you think it is a valuable help or not? Does this programme include a mortgage advice service?

Fri, 20/12/2013 - 14:00

Comments : 0

Answers

3

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Yes, I will probably take advantage of this opportunity. The help to Buy scheme aims to help all those people purchasing their first home (new built or previously owned) provided that it costs less than £ 600,000 and is situated in the UK. Under these conditions, it is possible to get mortgages with a 5% deposit.  On this website you can find a mortgage affordability calculator, a sort of loan calculator that let you know how much lender would lend you considering your requisites. While at this link you can see how much you can spend for a home considering your budget for the deposit. 

Sat, 04/01/2014 - 18:03
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I know that the Help to Buy scheme also includes the possibility to have an equity loan of 20%. In this way, you leave a 5% deposit, get a 20% loan and apply for a 75% mortgage. The requisite to get  the equity loan is that you do not own other homes.

Fri, 10/01/2014 - 21:00

I've heard about the help to buy government scheme on TV. It seems quite convenient sicne during the firs 5 years you own your home you don't have to pay loan fees. On the contrary, a 1,75% fee will be charged on the 6th year. For any questions you can have a llok at the government website and contact a help to buy agent to get support and further details.  Here the video by the BBC.

Thu, 20/02/2014 - 15:23

Yes, I will probably take advantage of this opportunity. The help to Buy scheme aims to help all those people purchasing their first home (new built or previously owned) provided that it costs less than £ 600,000 and is situated in the UK. Under these conditions, it is possible to get mortgages with a 5% deposit.  On this website you can find a mortgage affordability calculator, a sort of loan calculator that let you know how much lender would lend you considering your requisites. While at this link you can see how much you can spend for a home considering your budget for the deposit. 

Sat, 04/01/2014 - 18:03
Tags: 

I know that the Help to Buy scheme also includes the possibility to have an equity loan of 20%. In this way, you leave a 5% deposit, get a 20% loan and apply for a 75% mortgage. The requisite to get  the equity loan is that you do not own other homes.

Fri, 10/01/2014 - 21:00

I've heard about the help to buy government scheme on TV. It seems quite convenient sicne during the firs 5 years you own your home you don't have to pay loan fees. On the contrary, a 1,75% fee will be charged on the 6th year. For any questions you can have a llok at the government website and contact a help to buy agent to get support and further details.  Here the video by the BBC.

Thu, 20/02/2014 - 15:23
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