Santanda Confirm Help to Buy Scheme
Help to Buy: mortgage guarantee
We will be joining the Government’s Help to Buy: mortgage guarantee scheme in January 2014 and will be offering a new range of 95% LTV mortgages.
How it works
- Will need a deposit of at least 5% but less than 10% of the property value.
- Owns 100% of the property.
- Is not credit impaired or has had more than £500 in CCJ's in the past 3 years.
- Will need to meet our lending policy for loans over 90% LTV.
To apply for a mortgage with us under the Help to Buy: mortgage guarantee scheme you will need to meet the following eligibility criteria:
- You are at least 18 years of age and a UK resident.
- The mortgage is for a residential property in the UK (but not in the Isle of Man) and this is their only property.
- You are living in or intend to live in the property and not rent it out.
- The property value is no more than £600,000.
- You are not participating in any other Government schemes such as Help to Buy: equity loan, Shared Ownership or Right to Buy.
- The mortgage is between 90.1% and 95.0% of the property value
- The mortgage must be taken on a Repayment basis.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500