After the success of the Help to Buy scheme, the Government has launched a 2nd scheme designed to encourage even more people to buy their own homes. Originally set to launch in January 2014, the launch has been brought forward and the scheme is available now!

solicitor presents mortgage to a young couple

 What is it?

The Help to Buy 2 scheme is a guarantee given by the Government to mortgage companies, meaning that if a borrower defaults on their mortgage payment, the Government will cover most of the cost. This means lenders are more comfortable offering mortgages with a low deposit of 5-20%.

Who can use it?

Unlike the original scheme, Help to Buy 2 is not limited to first-time buyers. The only restriction is that the home you are buying must be your only property, meaning you can’t use the scheme to buy buy-to-let property or second home. The scheme is available on homes values up to £600,000.

Where can I get it?

Of all the biggest mortgage lenders, only Nationwide are yet to decide if they will offer it. However, due to the launch date being brought forward, not all lenders who plan to offer it have launched their own products.

If you want advice on the Help to Buy 2 scheme call Dodds Solicitors LLP today on 0116 253 8585.

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