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Learn More About the Mortgage Loan Guarantee Home Ownership Plan

Posted by: headm on: May 22, 2015

Are you planning to obtain your first home? When this is the case, you should investigate a house buy scheme ahead of going forward, because a number of plans are available and a scheme could be exactly what you’ll want to achieve your primary goal involving home ownership. Many opt to make use of the home loan guarantee programme, a programme open to a person with a 5 % advance payment for the purpose of buying their very own new home. This plan welcomes people who are investing in their own initial residence, as well as individuals who currently possess a house, yet prefer to move. This unique programme can only be used for a property priced at £600,000 or less, however, many properties in the UK fulfill this specific qualification. When the house buyer can show they have the mandatory down payment, the government next agrees to guarantee the remaining portion of the mortgage, decreasing the financial risk of the lending company. You are unable to use this programme if you’d like to purchase the residence as a shared equity or shared ownership buy, plus the plan is just offered to individuals who are buying a 1st home. It may not be put to use for an additional residence, like a vacation home. In addition, you must be intending to reside in the home, as opposed to leasing the house out. If you satisfy these kinds of qualifying criteria, this option could be ideal for you.

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