Mortgage guarantees helps you buy a home with a deposit of 5% of the purchase price. It is open to both first-time buyers and home movers for new-build and older homes in the UK with a purchase price up to £600,000.
The guarantee is provided to your mortgage lender by the government - not to you.
To qualify for a mortgage guarantee, the home you want to buy must:
- have a purchase price of £600,000 or less
- not be a shared ownership or shared equity purchase
- not be a second home
- not be rented out after purchase
The property doesn’t have to be newly built.
You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use Help to Buy with any other publicly funded mortgage scheme, or an interest-only mortgage.
How to apply
You can apply direct to any lender taking part in the scheme:
- Aldermore Bank
- Bank of Scotland
- Lloyds Bank
- Virgin Money
The lender will check you are able to make the repayments before they offer you a mortgage.