Help to Buy Mortgage Guarantee scheme
Get a mortgage with a deposit of 5% to 10%
The government’s Help to Buy Mortgage Guarantee scheme could help you get on or move up the property ladder if you’re finding it hard to save for a large deposit.
- Suitable for first-time buyers and movers
- Available for all UK properties up to £600,000
- Works just like a normal mortgage
Your home may be repossessed if you do not keep up repayments on your mortgage.
How it works
Get the property you want with a deposit of between 5% and 10%. Please note that the Help to Buy Mortgage Guarantee scheme will only be available until 31 December 2016.
It’s just like a normal mortgage – you’ll make repayments as set out in your mortgage agreement.
- You can buy any property in the UK worth up to £600,000
- We can accept a lower deposit than normal because we’re able to buy a guarantee on the mortgage from the government
- You can’t use Help to Buy to apply for Family Springboard, buy-to-let or shared ownership mortgages
Are you eligible?
You can apply through the Help to Buy Mortgage Guarantee scheme if:
- You’re buying a property that you’ll be living in as your main residence
- You’re taking out a repayment-only mortgage
- You don’t own another property
- Your deposit hasn’t come from another government scheme
Our current rates
This table outlines what the initial interest rate will be, as well as the follow-on rate, the amount you can borrow, and any application and early repayment charges. You can sort any of the columns by selecting the column title.
Are you a Premier customer? See our exclusive mortgage range.
The current mortgages data is unavailable. A complete list of all mortgage rates is available for download here.
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Initial interest rate
Follow on interest rate
Overall cost for comparison
Loan to value
Early repayment charge
*BBBR means the Barclays Bank Base Rate, which is currently 0.50% (effective 6 March 2009).
A capital and interest mortgage of £131,500 payable over 25 years initially on a fixed rate of 4.75% for 5 years and then our variable tracker rate at 3.49% above the Barclays Bank Base Rate (currently 0.5%) for the remaining term would require 60 monthly payments of £749.70 and 240 monthly payments of £702.41.
The total amount payable would be £213,675.40 made up of the loan amount plus interest and £80 (final repayment charge), £35 (completion fee).
The overall cost for comparison is 4.4% APRC representative.
More ways to buy your home
Help to Buy Equity Loan
By adding an equity loan to your 5% deposit you can apply for a smaller mortgage and choose from a wider range of deals.
Buy your home without a borrower deposit if your family can provide 10% of the property’s price as security.
Buying a share of a home with a housing association means you can apply for a smaller mortgage amount.
Subject to status and availability. You must be 18 years old or over to apply for a mortgage.
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