Details of second instalment of Help to Buy finalised

24 July, 2013

The Chancellor has been meeting lenders and builders this week to finalise the details of the second instalment of Help to Buy. This scheme was unveiled in the March Budget but full details about how it would work have not yet been clarified.

Set to launch in January 2014 and run for three years, under Help to Buy, the Government will offer a guarantee of up to 15% of the purchase price with the borrower putting down a deposit of between 5 and 15%.

The Government is offering £12bn worth of guarantees to lenders to fund £130bn of lending. If homes are repossessed and lenders lose more than the borrower’s deposit, they can access Government guarantees.

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Censeo Financial is a trading name of Censeo Ltd who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. Censeo Limited is registered in England and Wales, company registration number 06453977, the Registered Address 11b Newton Court, Pendeford Business Park, Wolverhampton, WV9 5HB.

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