Help to Buy Swindon Schemes

Help to Buy Swindon is made up of two schemes – “equity loan” where the Government will loan you up to 20% of the value of your new build home and “mortgage guarantee” where lenders will be incentivised to make more mortgages available for people with small deposits.

Why has the Government set up these schemes?

The Government wants to help more people across the country make the aspiration of home ownership a reality. Help to Buy Swindon is aimed at increasing the supply of low-deposit mortgages as well as new housing.

Can I buy a house using Help to Buy Swindon?

If you have a 5% deposit and want to buy a new build home, you’ll be able to access the Help to Buy Swindon: “equity loan scheme” from 1 April 2013. If you want to buy a property which is either new build or an existing property, the Help to Buy: “mortgage guarantee scheme” will be available from January 2014.

Can existing homeowners access the scheme?

Yes. Both schemes are available to home movers as well as first-time-buyers, subject to meeting the relevant eligibility criteria.

What is the Help to Buy Swindon: equity loan scheme?

The Government will provide buyers with an equity loan of up to 20% of the value of a new build property. The loan is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1 %.

When will I be able to get a Help to Buy: equity loan?

Help to Buy Swindon: “equity loan scheme” started from 1 April 2013.

What is the Help to Buy Swindon: mortgage guarantee?

Subject to the final scheme design, the Government will make available £12bn of guarantees to lenders which will be sufficient to support £130 billion of high loan to value mortgages. The purpose of the scheme is to increase the availability of mortgages for buyers with small deposits.

How does the scheme work?

The Government will provide lenders with the option to purchase a guarantee on the high loan-to-value portion of the mortgage. This guarantee will incentivise lenders to offer a greater number of mortgages to buyers with small deposits.

When will I be able to get a Help to Buy Swindon: mortgage guarantee?

Help to Buy: “mortgage guarantee scheme” started from January 2014.

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