If you’re someone with ambitions to get on the property ladder, but you’ve not approached a mortgage broker because your figures just don’t add up to enough, then you should definitely keep reading. That’s because if you’re in the market for your first home, the government Help to Buy Scheme is there to help get your foot on the first rung of the housing ladder.
The scheme, which was launched in back in 2013, has so far enabled more than ½ a million people to realise their home ownership ambitions. Here we take a closer look at the scheme and offer some mortgage advice to those looking to own their own home for the first time.
Before the dark days of 2009, mortgages needing only a 5% deposit were fairly commonplace. However, since then, they’re pretty much impossible to find, with typical deposits now in the region of 15-20%. That is unless you’re talking about the Help to Buy Scheme, which allows first time buyers to obtain a 95% loan to value mortgage, with 40% of the sale price being paid by the government and the remaining 55% being taken care of by the mortgage company.
Prospective home buyers can take advantage of the scheme by approaching a reputable mortgage broker like ourselves, who understand the specifics of what is needed for each type of Help to Buy Scheme. There are some bits of simple criteria to look at first off:
- It’s available to first time buyers and existing home owners
- You will need a minimum of 5% deposit
- The government will lend up to 20% of the loan
- The property must be intended to be your primary residence and only property
- The property must be in England
Every situation is different and so rather than second guess are you eligible we will need to look at the full credit criteria.
So, in answer to the question in the title of the piece, yes, the government’s Help to Buy Scheme can certainly help you get on the property ladder. All you need to do is reach out to a trusted mortgage advisor, who will be able to give you the lowdown on what to expect.
If you’re new to the home buying scene and you’re trying to purchase your first home, you can find out lots of useful information by reading our beginner’s guide to getting a mortgage. It’s packed with useful tips on ways to make the whole process easier.
Need to Know More?
The entire Yes Mortgage Services team is dedicated to offering impartial mortgage advice and to find the best and most suitable deals for our customers. We will always have your best interests at heart and will never offer a mortgage product that isn’t suitable, meaning that if your best option is to remain as you are, that’s what our recommendation will be.
We’re also a mortgage advice company that works around you, as we can come to your home at a convenient to discuss your options, even if it’s in the evening after the kids have gone to bed! So, if you’d like to learn more about us and what we do, visit our website www.yesmortgageservices.co.uk where you’ll find lots of useful info.
Alternatively, if you’d like to have a chat with one of our friendly mortgage advisors about anything discussed here or matters relating to mortgages or remortgaging, you can book your free no-obligation consultation by calling us on 0800 612 5596 now.
You won’t get the hard sell, as it’s just not what we do. All you’ll get is honest, impartial mortgage advice. We look forward to hearing from you.
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We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.