The Help to Buy mortgage scheme is extended to 2020.
Ahead of Wednesday's budget the Chancellor has announced plans to extend phase one of the Help to Buy mortgage scheme to 2020. The scheme was originally due to end in 2016 but has now been extended by a further 4 years.
While phase one which is open to just first time buyers has been extended, phase two which opened up the scheme to all buyers may come to an end far sooner.
Since the launch of Help to Buy many more would-be home-owners have been in a position to buy. However a downside of the scheme has been a rapid increase in property prices which is leading to concerns of a property price bubble.
While the scheme's second phase maybe withdrawn, first time buyers with just 5% as a deposit will still have access to a 5 year interest free loan from the government for up to 20% of the property's value. The loan is available for purchases up to £600,000 and repayable at either 5 years or earlier if the property is sold.
If you are looking for a Help to Buy mortgage and want to compare all lenders offers against the wider market call independent 'whole of market' Deal Direct for impartial advice and a quote.
We will review all mortgages and not just Help to Buy as smaller lenders are offering highly competitive deals to compete with scheme products. There maybe a deal on offer which is better suited to your financial needs so we check every mortgage market-wide to make sure you get the best mortgage available.
Call 0800 048 8828 for advice and a low rate quote.
