Help to Buy Mortgages – Mortgage Advice in York
Help to Buy Mortgage Broker in York
By Yorkmoneyman.com – Help to Buy Mortgage Advice
Since the introduction of the Governments Help to Buy scheme in October 2013 there has been an increasing number of first time buyers getting on the property ladder.
This has significantly increased the confidence in the housing market, especially in York where house prices have grown at a fast pace.
Also, many families were stuck in starter homes as they had only a small amount of equity in their homes and following the recession high loan to value mortgages disappeared altogether and property prices fell.
Now, with 5% equity these families are able to move into bigger homes and free up the smaller properties that are ideal for the first time buyers.
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Here are some KEY FACTS about the Help to Buy Mortgage Advice Scheme:
The scheme is open to both existing homeowners and first time buyers with a 5% deposit. There are no age restrictions.
The Help to Buy Scheme is not shared equity, it is simply a 95% mortgage from the mortgage lender.
Help to buy is available on both new and older homes up to the value of £600,000 and is expected to run until January 2017.
The help to buy scheme is ideal for you if you are either currently renting and want to get on the property ladder, most rents can be as much as mortgage payments.
Or you are an existing homeowner with little equity looking to move to a bigger home.
It is not available to purchase buy to let property or if you have any other property interest.
Help to Buy Mortgage Advice by Malcolm Davidson
Mortgage Advisor in York & North Yorkshire
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