Posts Tagged ‘eligibility’
Eligibility for Help to Buy Home Equity Government Loans
Help to Buy scheme is aimed to assist people in buying a new home and getting a foot on the property ladder.
Help to Buy mortgage agents can help in this regard. It may be best to contact a home buy agent in the district of where the property you want to live in is located. A specialist mortgage agent will have local knowledge of home building companies, planned developments and also be able to assist in dealing with local government bodies to help you with your house purchase. A Help to Buy mortgage Agent will also be able to provide you with the necessary criteria, help asses your eligibility and give advice on the options to you you.
It goes without saying that the mortgage companies have appeared to be little behind the government initiative to get the property market moving again. So with this in mind priority will most likely be given to people who are in most need of housing. First time buyers will need to meet the lending criteria of the mortgage company.
Lending Criteria and Eligibility guidelines to date:
- Applicants need to demonstrate that they have an excellent credit history. This means no adverse credit history such as county court judgements (ccjs), IVA or ex bankrupts.
- Must not have a history of rent arrears of late mortgage payments.
- You would not be able to buy the property without the assistance of the Help to Buy government equity loan.
- Maximum house purchase price £600,000 with the mortgagee putting down a 5% deposit.
- Not all house builders will qualify.
- Other criteria will depend on the mortgage company proving the loan.
The mortgage company of help to buy agent will give assistance with an assessment of your affordability once you complete a questionnaire.
You cannot take out a Help to Buy Mortgage on a buy to key investment as the scheme is only available to people who want the property as their residence. The scheme is not designed to assist people in renting out an existing property and then buying a second home.
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