Help To Buy Mortgage Scheme 2014
The second part of the Help To Buy Mortgage UK scheme has now been put forward from January 2014 with new deals due to be announced this week.
Part two of the Help To Buy Scheme offers loans up to 95% on all types of property whilst part one of the scheme only offered deals on new build houses.
This will make it easier for people to get a foothold on the property ladder and will hopefully see a reduction in high loan to value rates. It negates the requirement to have a large deposit to be able to buy a new home. Lenders are still finalising their mortgage packages but it is going to make 95% mortgages more affordable.
It is essential that when taking out a Help To Buy mortgage that the buyer knows the pro’s and con’s of the mortgage scheme.
This is good news for the mortgage market as it reduces the amount of deposit required to purchase a home.