Help To Buy: Can Anyone Use A Help To Buy Mortgage Scheme?

Help to buy mortgages are now in their second year. We discuss the pros and cons of using a ‘help to buy mortgage and look at what the costs of buying a new home will be for first-time buyers and home-movers. The Help to Buy Mortgage Scheme was started to help struggling First-time buyers to get a foot on the housing ladder back in April 2013. The help to buy scheme is expected to last until 2020 and is available in England. You’ll find similar scheme operating in Wales, Scotland and Northern Ireland. Since 2008 home buyers and first-time buyers have needed to find a 25% deposit to be able to buy a home. This means that home-movers needed the same 25% to come from the sale of their home and personal savings otherwise they could not move either. The mortgage market has been in limbo for the past couple of years due to the economic downturn. Read the article to discover the involvement the Bank of Mum and Dad at before April 2013.