Mortgages Made Simple | Cross Point Financial
A mortgage is likely to be the single largest financial commitment you ever make. There's a wide range of mortgage products out there, with varying interest rates and repayment options available. It can be difficult to know which is best for you.
Whether you are looking for first time buyer mortgage advice, advice on remortgaging, or something else, Cross Point Financial is on hand to help. We strive to support all our clients in buying a home, wherever we can.
Help to Buy and other government-backed schemes
Your home may be repossessed if you do not keep up repayments on your mortgage.
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
The Help to Buy mortgage guarantee scheme helps you buy a home with a deposit of 5% of the purchase price. It’s open to both first-time buyers and home movers for new-build and older homes in the UK, with a purchase price up to £600,000.
The guarantee is provided to your mortgage lender by the government - not to you.
To qualify for a mortgage guarantee, the home you want to buy must:
- have a purchase price of £600,000 or less
- not be a shared ownership or shared equity purchase
- not be a second home
- not be rented out after you buy it
The property doesn’t have to be newly built.
You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use Help to Buy with any other publicly funded mortgage scheme, or an interest-only mortgage.
For details of other government home ownership schemes, please visit https://www.gov.uk/affordable-home-ownership-schemes/overview
Contains public sector information licensed under the Open Government Licence v2.0.