CHANCELLOR SET TO RE-LAUNCH HELP TO BUY MORTGAGE SCHEME FOR FIRST TIME BUYERS
Government is to underwrite loans for buyers once again who can only scrape together a 5% deposit for their first home.
Leaked plans for the chancellors ideas for the economy continue to be released ahead of his budget statement on Wednesday, the latest being a plan to help first time buyers with small mortgage deposits get on the property ladder.
The scheme is aimed to help the tens of thousands of young buyers who were excluded from the market by the disappearance of 95% Loan To Value mortgages at the start of the pandemic as lenders looked to reduce their exposure.
Government officials say the scheme, which will require first time buyers to have a 5% deposit, will be similar in some ways to previous the previous Help to Buy mortgage scheme and is designed to be its successor.
It will run alongside the existing Help To Buy equity loan scheme which is only for new build homes and due to end in 2023.
The government is to become guarantor for part of the loans which will be for properties up to £600,000.
We await the full confirmation and details on Wednesday, however we recommend avoiding the rush and arrange an appointment with an independent mortgage advisor now.
Contact Michael Prosser at Simply Finance - Michael has been advising home movers and landlords in Canterbury and Sandwich for 20 years.
michael@simply-finance.co.uk
01227 812866 or 01227 812879
