As house prices are rising, there are a number of government backed schemes available for First Time Buyers looking to take their first step onto the property ladder!
Which schemes are available?
- Help to Buy Scheme
- Shared Ownership / Shared Equity
- Mortgage Guarantee Scheme
- Joint Borrower Sole Proprietor
- Family Assisted Mortgage
Which lenders offer these schemes?
Many different lenders offer these schemes including Principality Building Society, Halifax, Nationwide Building Society and more! Each lender will have their own criteria and mortgage products but our mortgage advisors can search for the best lender based on your individual situation!
How much of a deposit will I need?
This may vary with each scheme, lender or your personal situation however the minimum deposit for all of the schemes listed above is 5%.
For example, using the Help to Buy scheme, if you put down a 5% deposit, the government then lend up to 20% so you will need a 75% mortgage.
For the Joint Borrower Sole Proprietor scheme, you will need a minimum of 5% deposit and will therefore need a 95% mortgage. However, you are not restricted to the 5% deposit and could put down more if you are able to!
Which scheme is best for me?
All of the schemes listed above have both positives and negatives and will all depend on your current situation. Speak to one of our mortgage advisors to find the right scheme for you!
