Help to buy equity loans and mortgage guarantees.

[rfisher]

Anyone looked into these?

The mortgage guarantees are not available until Jan 2014 but the equity loans should be active now.

5% deposit, 20% equity loan, 75% mortgage.

Why would you not use one (interest free for 5 years)?

Will mortgage lenders honour these for current offers?

Can you get one for joint mortgage applications with a partner if you are not married?

[Sarnie]

Equity loans are only available on new build properties from specific builders and the mortgages are only via a couple of lenders and criteria is very strict. If the value of your property goes up, so will the amount you have to repay back to the government.

[rfisher]

Hi Sarnie.

Any details on the mortgage guarantee proposal?

Open to any purchase with 5% deposit.

Ta.

[Sarnie]

The mortgage guarantee's aren't available till January 2014 and there hasn't been much info released about them. They will be available for new and old properties up to £600k.

Essential what happens is the lender can claim back from the government any losses they suffer from having to repossess the house from you having given you a 95% mortgage.