Island Life Magazine Ltd December 2013/January 2014 | Page 85

PROPERTY

Regular customer questions
answered on Help to Buy:
Is there a limit on the value of the
home that we can buy?

*What is Help to Buy? Two schemes
designed to help first time buyers and
those moving up the housing ladder. The
original Help to Buy is only available
on new homes. You need a five per cent
deposit and the Government will lend
up to 20 per cent through an equity
loan. You will need to secure a 95 per
cent mortgage and lenders can offer this
amount as the Government will provide
your lender with a guarantee of up to 15
per cent of the property value.

The maximum home purchase is
£600,000.
Do I have to use a specific lender?
No, a wide range of banks and building
societies are signed up to the scheme.
Barratt’s Independent Financial Advisor
will give information on options.
Is there a time limit on the scheme?
The Government has not said how long
the scheme will last.

I am a first time buyer, am I eligible
for the scheme?
It is available to all home buyers.
Is Help to Buy available on any home?
It’s available on new build homes and
second hand homes.

Do I have to have a big deposit saved?
You only need a five per cent deposit to
qualify.

To find out more about how Barratt
are helping first time buyers call 0844
5710 385 or visit www.barratthomes.
co.uk

www.visitislandlife.com

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