Virgin Money is set to remove the £30,000 minimum income threshold for joint and sole income on its Help to Buy Equity Loan range, which is a positive addition to the Help to Buy scheme.
The scheme allows a customer to buy a new-build home with a 5% deposit, with the government loaning up to 20% of the property value, with a mortgage loan making up the remaining 75%. The equity loan is fee-free for the first five years, so this is an excellent cost effective way to help buy a new home with the Help to Buy scheme.
Anthony Mooney, director of financial service said: "This will play an important part in helping people to get their feet onto the first rung of the housing ladder. Virgin Money is committed to responsible lending in all segments of the mortgage market and this latest change to our mortgage policy demonstrates exactly that."
Lloyds Banking Group has also extended its Help to Buy mortgage guarantee scheme to include new-build properties from 14 July through both Halifax and Lloyds Bank Help to Buy mortgage guarantee scheme products. As a result, mortgages from Lloyds Banking Group on new-build houses will now be available between 90 and 95 per cent loan-to-value.
Stephen Noakes, mortgage director at Lloyds Banking Group, said: "We continue to support customers with smaller deposits who are buying new build properties and as a result the group is allowing these homes to be bought through our Halifax and Lloyds Bank Help to Buy mortgage guarantee scheme products.”
At Cumbrian Homes we think the Help to Buy scheme is an excellent initiative to help people get their foot on the property ladder or make the necessary next step up that ladder. Buying a new home always has been an attractive proposition to buyers and the financial assistance now being provided certainly makes it more so. We have started to see more interest in the scheme and had our second Help to Buy sales completion earlier this month with another one due for completion shortly.
Want to know more about how you could buy a home with the Help to Buy scheme…read more here alternatively contact us for more information how you could be the lucky owner of a new Cumbrian Homes property with the help-to Buy scheme.