Help to Buy 2 - Mortgage guarantee Scheme - CALL 01789 841238 FOR DETAILS Originally planned for launch in January 2014, the start date has been brought forward by 3 months to the first week of October 2013. The basic Mortgage Guarantee details available so far: • Purchase price of the New or Existing property must not exceed £600,000. • Applicants household income not to exceed £150,000 • Help to Buy Mortgage Guarantee Scheme is available to current home owners and first time buyers. • Government Guarantee of up to 15% encourages banks to offer better deals for buyers with small deposits. • The property being purchased with Help to Buy must be for owner-occupiers (strictly NOT for shared ownership, second homes or buy to let). • The property is to be the main residence anywhere in the world (Clients will be required to sign a legal statement to that effect). • Mortgage Guarantee applicants must have a minimum deposit of 5% of the purchase price. • The government will provide a guarantee to the bank/lender of up to 15% of the value of the property. • Mortgage Guarantee applicants will be required to undergo a stringent affordability test to ensure the loan repayments are within their means. • The credit history of all Help to Buy applicants must not be impaired and anyone with a County Court Judgement within the last 3 years for more than £500 will not be eligible. • Funds for the Mortgage Guarantee Scheme are strictly limited and although the scheme is designed to run for 3 years this could change if funds are taken up before that time. CALL 01789 841238 FOR DETAILS c
Posted on: Mon, 07 Oct 2013 09:57:27 +0000
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