Help to buy scheme 2013 & 2014
Help to Buy is a government backed initiative to help people buy a home. It helps existing home owners and first time buyers purchase a home with as little as 5% deposit.
The most exciting news for most people is that one of the ways you can use help to buy to buy a home, called the ‘Mortgage Guarantee’ can now be used to buy pre-owned properties. Usually these government backed schemes have only been available for people buying new-build homes, but this times it’s different. This scheme is also not just for first time buyers, anyone can take advantage.
Mortgage Guarantee – Help to Buy
Help to Buy has been extended to make it possible to purchase any property under £600,000 – be it a new build or pre-owned home – with as little as a 5% deposit. Through 2013 the Mortgage Guarantee could only be used to buy new build properties.
This scheme has been designed to help existing home owners as well as first time buyers buy either a new build or a property being re-sold.
It’s been shown that buying is now cheaper than renting, due to low interest rates. However, because of the large deposits required most people haven’t been able to take advantage of that. It’s hoped this scheme will now help people, not just first time buyers, get on or move up the property ladder.
Redmove are one of York’s leading estate agents and are committed to helping people take advantage of this new help to buy initiative, if you’d like any more information, please don’t hesitate to get in touch.
Estate Agents York.