Archive: Government to end Help to Buy Mortgage Guarantee Scheme
According to a letter sent from the Chancellor Philip Hammond to the Bank of England, the Help to Buy mortgage guarantee scheme will not be extended beyond 2016. Under this scheme, the Government acts as guarantor for buyers so that lenders can offer 95% mortgages and was part of the Government’s commitment to helping people get on the housing ladder.
Although the Help to Buy mortgage guarantee scheme will be closing, the other Government schemes such as the Equity Loan Scheme are set to continue. This was reported in the Independent Newspaper on 30th September 2016*.
What this means for home buyers
Adam Nanson from Your Mortgage Expert comments:
“Since the scheme was introduced, we have helped quite a few customers get on the housing ladder using the Help to Buy mortgage guarantee scheme. And, although the other Government schemes such as the Equity Loan Scheme are set to continue to operate, it is a shame this scheme is closing without anything else to replace it. Especially when house prices are predicted to rise.”
How Your Mortgage Expert can help
“If people are interested in buying a property using the Help to Buy mortgage guarantee scheme, they have until the end of the year to take advantage of it until the scheme closes.
“At Your Mortgage Expert, we understand how the various schemes available from the Government work and can give you advice to help you get your foot on the property ladder. We can let you know if you are eligible, how to apply and can find you the most appropriate deal. We can also help you understand what you can afford and which of the lenders who have signed up to the scheme would be best for you.”
If you are interested in finding out more about the Help to Buy scheme why not contact Your Mortgage Expert. We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
You might also find it useful to read the dedicated Help to Buy page on our website. Alternatively, read about Chris, a First Time Buyer from Fareham. Adam Nanson from Your Mortgage Expert helped him to buy a property using the Government backed Help to Buy equity loan scheme.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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