If you are having trouble getting together a large enough deposit to buy your first home or make your next move up the property ladder, Help to Buy is a government scheme aimed at helping people who have only managed to amass 5% of the value of the home they want to buy.
There are two different schemes however: an equity loan scheme or a mortgage guarantee. They each have advantages and disadvantages.
This video from Zoopla explains a little bit more about Help to Buy:
Help to Buy may feel like a life preserver, but have you checked that Help to Buy is really your best option?
Buying a home is one of the biggest financial commitments you will ever make so it is best to double and triple check that you are making the right decision.
At Northfields we like to compare finding a mortgage to finding car insurance – you would never dream of taking the first car insurance quote you get without doing some comparison shopping, right?
The same should apply for mortgages. Shop around. Make sure you have the best deal.
If you want to know what happens when you don’t shop around for mortgages before making a decision, read this cautionary tale by clicking the link.
Want to find out if Help to Buy is right for you?
Call Anthony Cusack, our independent whole of market mortgage advisor on 020 8280 9600 or click here to e-mail Anthony to take advantage of Anthony’s free advice and expertise.