What is Help to Buy: mortgage guarantee?
Many credit worthy people are finding it difficult to get a mortgage today because of the large deposits needed following the financial crisis. To help address this, the government has created the Help to Buy: mortgage guarantee scheme to increase the number of low deposit mortgages available for credit worthy households.
How does it work?
Under the scheme, the government offers mortgage lenders the option to purchase a guarantee on mortgages for a new or existing property, where a borrower had a deposit of between 5% – 20%.
How does it benefit me?
If you can afford to repay a mortgage but don’t have a large deposit, this scheme will benefit you by giving you access to low deposit mortgages. This means you won’t have to wait and save up for a large deposit to buy or move home.
If you are struggling to get on the property ladder please get in touch with Laura in our office 0141 221 7993 option 2, 0131 221 9131 option 2 or laura.beard@fineholm.co.uk and she can put you in touch with and RBS financial advisor.