Help To Buy Mortgages

  • Help to Buy mortgages are designed to help people either get on to the property ladder or to move up the property ladder to buy either a new build or existing property.
  • Compare the latest interest rates, fees and other important features of Help to Buy mortgages in the table below.
  • Or use our powerful mortgage search, including all deals available to brokers and direct deals too.

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Lines are open: Mon-Fri 8am-8pm, Sat-Sun 9am-4pm. Excluding public holidays. Calls may be recorded. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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The following results are based on a loan to value (LTV) of 60%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The above results are based on a interest only mortgage of £120,000, on a property value of £200,000, over a term of 25 years. This is a loan to value (LTV) of 60% Our mortgage comparison service includes providers from whom we may receive commission. This table initially lists featured products. The mortgage data above was supplied by Moneyfacts Ltd and was last updated 11:30, 19/01/2017.The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.
The above results are based on a interest only mortgage of £120,000, on a property value of £200,000, over a term of 25 years. This is a loan to value (LTV) of 60% Our mortgage comparison service includes providers from whom we may receive commission. This table initially lists featured products. The mortgage data above was supplied by Moneyfacts Ltd and was last updated 11:30, 16:59 19/01/2017.The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.

More about help to buy mortgages

The two 'Help to Buy' schemes designed by government to help people get mortgages with low deposits are now live.

Open to both first time buyers and home movers, the schemes are designed to appease the problem of the banks' reluctance to lend at high Loan to Value ratios - a problem that has persisted since the economic downturn of the late 2000s.

The first part of the scheme is Help to Buy equity loans. These allow people with as little as a 5% deposit to borrow up to an additional 20% from government in order to obtain a mortgage on a new build home up to the value of £600,000. The government equity loan is interest and repayment free for the first five years. Interest will be charged from 1.75% in the sixth year and will increase thereafter at a rate of 1% above the Retail Price Index rate of annual inflation.

When you come to sell your home, or you complete your mortgage, you will be obliged to return the government loan at the same percentage that you borrowed at on the current value of the property.

The second part of Help to Buy is known as Help to Buy guarantees. With this part, you are once again able to secure a home loan with a minimum 5% deposit. This time, however, instead of borrowing the additional 20 per cent from government, the entire mortgage comes from the bank. Government's role is to act as the under-writer for up to 15% of the mortgage for a period up to seven years. This means the mortgage issuing bank's losses will be reduced in the event that the borrower defaults on their repayments.

Unlike with Help to Buy equity loans, you can use the Help to Buy guarantee on an already-built house instead of just new builds. Neither part of the scheme are available on buy-to-lets and borrowers through the schemes are not permitted to subsequently rent out their homes while the deal is active.

Click here to read more about Help to Buy and other home buying assistance schemes in our handy guide.