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The help to buy scheme was created to help English residents get on to the property ladder, originally restricted to the purchase of new builds the help to buy scheme has been extended to all types of residential housing.
The help to buy scheme allows you to purchase a property with just a 5% deposit, the government will loan you a further 20% of the loan to value meaning you will only need a 75% mortgage giving you an increased chance of getting approved for a mortgage as well as helping you get granted a better rate for your mortgage.
With the introduction of the help to buy scheme numerous banks and mortgage lenders have created specialized mortgage plans for people wishing to enter on to the scheme. The mortgage providers will be happy to discuss the scheme with you and give you the information needed to start the approval policy with the government as well as the mortgage provider.
Who is Eligible for the Help to Buy Scheme
Originally only available for first time buyers the scheme was extended to include home movers, allowing people to not only get onto the property ladder but also help people advance and move up it. When getting approved for help to buy there are some restrictions, you must not own any other property at the time to purchase, the property sale price must not exceed £600,000, the help to buy scheme is only available in England, but there are similar schemes in Scotland and Wales.
Throughout the UK there are agents available to access and approve you for the help to buy schemes, you are able to find an agent in your area using the help to buy scheme official website, the mortgage company should also be able to help you by giving you the relevant details.
When looking to get a mortgage using the help to buy scheme you will have the same constraints as a normal mortgage, if you have an adverse credit rating, debts on credit cards or existing loans or don`t pass the mortgage affordability test. Before beginning the mortgage approval process it may be worth while speaking to a mortgage advisor and carrying out a mortgage fact find to see if you are eligible and get approved for a mortgage.
Thousands of home buyers have already taken advantage of the help to buy scheme, although not suitable for all it has proved to be very popular with many and helped then buy a property that previously would be out of there reach, other popular home buying schemes include the right to buy scheme for council house residents and the shared ownership scheme.