The Help to Buy mortgage guarantee scheme means you could purchase a brand new home with just a 5% deposit.
Help to Buy Mortgage Guarantee is a Government-backed scheme that allows you could buy a superb new Bovis Home with just a 5% deposit - whether you're a first-time buyer or an existing homeowner looking to move up the housing ladder into a larger home.
For the buyer it works in the same way as a traditional mortgage. For the lenders participating in the scheme, the Government provides a guarantee of up to 15% of the property’s value, meaning that the lenders are able to offer higher loan to value mortgages to buyers.
Unlike the Help to Buy Equity scheme, there is no Government equity loan involved.
Maximum property purchase price under the Help to Buy - Mortgage Guarantee scheme is £600,000. Purchaser must be owner occupier. Not to be used with shared equity products. Not to be used in conjunction with any other offer or promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.