Budget 2013: Help To Buy [Infographic]

The Chancellor, George Osborne, delivered his Budget to Parliament on 20 March 2013 to help the economy grow.

He announced the Equity Loan and Mortgage Guarantee schemes.

Have a look at our infographic that explains how the options work with a £200,000 valued property and FAQ below.

Help To Buy Budget 2013

 

Help To Buy – Budget 2013 – Option One: Equity Loan

Is It Applicable To Any Property?

No, just new build only.

Deposit Required?

Yes, minimum of 5%

Do I Have To Be A First Time Buyer?

No, this scheme is available to all, not just first time buyers.

How Does It Work?

The Government will lend you up to 20% of the value of your property through an equity loan, which can be repaid at any time or on the sale of your home, so you will only need to secure up to 75% mortgage from a bank or building society.

When Does It Start?

The scheme is available from 1 April 2013. It will run for 3 years and provide £3.5 billion of addition investment.
 

Help To Buy – Budget 2013 – Option Two: Mortgage Guarantee

Is It Applicable To Any Property?

New build and existing homes.

Deposit Required?

Yes, you’ll need a minimum of 5%

Do I Have To Be A First Time Buyer?

No, it is also open to existing homeowners.

How Does It Work?

You’ll need to secure a mortgage for your purchase. The Government guarantee should help encourage lenders to offer better access to low-deposit mortgages.

When Does It Start?

Available from January 2014, this scheme will run for 3 years.

Is There A Maximum Purchase Price?

Yes, £600,000.

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Jonathan Rolande
Author:

Starting in property agency in 1988, I moved into lettings during the early 1990s and in 1998 acquired an estate and letting agency business which is still running successfully. During this time I have helped many hundreds of sellers and purchasers within the property industry, a field in which I am now specialising. Member of The National Association of Property Buyers.

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