Mortgage Schemes

Help-to-buy Equity Loan

Saving the deposit you need can be a long and tiresome journey.

The government’s Help to Buy scheme allows for you to buy a home with as little as a 5% deposit and have lower mortgage repayments than you would with a standard mortgage arrangement.

Available throughout the UK, the scheme is eligible for First time buyers as well as home movers. It allows you to take out an equity loan of 20% (40% in London) of the property value from the government. This, combined with your 5% deposit, means that you’ll only need a 75% (55% in London) mortgage on your home.

Users of the scheme will not be charged any loan fees on the equity loan for the first 5 years of owning the property; After 5 years interest fees will begin to apply. Blue-print Mortgages will also be able to assist you in leaving the scheme at the end of the interest free loan period should you wish to do so.

You can find out more about the conditions of the scheme by visiting the governments Help to Buy website

Right-to-buy

The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home at a discount based on the amount of years spent residing in the property.

Qualifying discount begins to apply from 3 years of tenancy, where the discount received is 35% on a house or 50% on a flat. After 5 years tenancy, the discount increases by 1% on a house and 2% on a flat every year up to a maximum of 70%.

You can find out more about the conditions of the scheme by visiting the governments Help to Buy website

Shared Ownership

Shared Ownership schemes give those that do not currently own a home the opportunity to purchase a share in a new build or resales property. The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share.

The purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.

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