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Help To Buy

Help to Buy is the name of a government programme in the United Kingdom that aims to help first time buyers, and those looking to move home, purchase residential property.

It was announced in Chancellor of the Exchequer George Osborne’s 2013 budget speech, and was described as “the biggest government intervention in the housing market since the Right to Buy scheme” of the 1980s. It is an extension of a previous programme called FirstBuy that was aimed solely at first-time buyers. Help to Buy has itself been expanded and extended. We have Forces help to Buy until the end of 2019 too.

You should remember to include the costs of buying such as solicitors, survey, advice and mortgage broker fees. You should take into account what would happen to your monthly payments if interest rates were to rise. It would be important not to overstretch your budget.  If you do, the result  could be you find that with a sharp increase in interest rates, your lifestyle would suffer significantly or worse. You may also be repossessed, if you have not taken into account these changes.

Choosing the correct mortgage

Help-to-Buy3-150x150Mortgage rates change and availability of different types of mortgages change with markets. There are different types of mortgage available including fixed rate over different periods, rates that track the Bank of England base rate, discount rates and other types. It is important to take into account your situation, your potential for increases in income, inheritance or other changes that could have an effect on your mortgage planning.

Repaying your mortgage