A mortgage is likely to be the single largest financial commitment you ever make. There's a wide range of mortgage products out there, with varying interest rates and repayment options available.
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Help to Buy and other government-backed schemes
Your home may be repossessed if you do not keep up repayments on your mortgage.
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
The Help to Buy mortgage guarantee scheme helps you buy a home with a deposit of 5% of the purchase price. It’s open to both first-time buyers and home movers for new-build and older homes in the UK, with a purchase price up to £600,000.
The guarantee is provided to your mortgage lender by the government - not to you.
To qualify for a mortgage guarantee, the home you want to buy must:
- have a purchase price of £600,000 or less
- not be a shared ownership or shared equity purchase
- not be a second home
- not be rented out after you buy it
The property doesn’t have to be newly built.
You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use Help to Buy with any other publicly funded mortgage scheme, or an interest-only mortgage.
For details of other government home ownership schemes, please visit https://www.gov.uk/affordable-home-ownership-schemes/overview
Contains public sector information licensed under the Open Government Licence v2.0.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.