The Most Important Facts on the Government’s Help-to-Buy Scheme You Should Know about

The Most Important Facts on the Government’s Help-to-Buy Scheme You Should Know about

If you’re thinking about purchasing a house, then you should be aware of the importance of the decision. Most people are not able to afford a home without the help of a mortgage, and this in turn is probably one of the most important financial commitments you can ever make; it will decide your future and will influence your lifestyle for many years to come. Mortgages are never easy, and there are a lot of factors to consider. Luckily, there is help. The government can make things a lot easier for you. Here are the most important facts on the government’s Help-to-Buy scheme you should know about.

What Help-to-Buy is

The Help-to-Buy programme is a scheme devised by the government for those who are hoping to climb or to get onto the property ladder but don’t necessarily have the means available. In essence, it helps those who might have a hard time without the aid. The reasoning behind it is not just altruistic, it helps the general economy as well. It works in two parts.

Boosting small deposits

The higher your deposit, the less you have to borrow which means the less interest you’ll be paying in the long term. Help-to-Buy helps those with low deposits; the government will lend you up to 20% of the value of the property interest-free for the first five years, with only a £1 admin fee to pay a month.

Some questions to ask

Even with help, you need to be realistic. Ask yourself:

• What are my future prospects in terms of raise and future income?
• Do I want to have a family?

Despite the large criticism that the government often receives, there should be no doubt that the Help-to-Buy is an example of how the government helps the economy, and how those efforts can help thousands of people make their dreams come true. As confirmed by a top mortgage advisor Bristol from Open Vision Finance. In some cases, it can provide a 25% bonus on interest and contributions; in other cases, it can help with a substantial £15,000 deposit which makes interests payments much lower in the long run. Help is there if you qualify and know how to apply for it, it would be a shame not to make use of it. It is your future, after all. Your dream should never be impossible, and the dream home is within reach.

YOUR HOME WILL BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE PAYMENTS