Help to Buy Mortgage Guarantee

How does it work?

This is a great option if you can afford to repay a mortgage but don’t have a large deposit.

Participating lenders have access to a government guarantee on mortgages, which means you can purchase an existing or new build home, or re-mortgage, with a deposit as little as 5%.

The scheme enables participating mortgage lenders to purchase a guarantee on mortgages where a buyer has a deposit of between 5% - 20%.

It is still a traditional mortgage, but the government guarantees part of the loan to the participating lenders. The agreement is between the government and the lender.

You will still be fully responsible for your mortgage payments, so if you have a 5% deposit, you will need to take out and pay back a 95% mortgage.

Am I eligible?

  • You will plan to live in the house yourself (with a residential mortgage) and will not rent it out
  • The property will be in the UK with have a maximum value of £600,000
  • You must take out a repayment mortgage, rather than interest only
  • You cannot be a current home owner (or be named on the deeds of another property)
  • The mortgage cannot be for Shared Ownership

How do I apply?

This scheme is not administered by Help to Buy Agents.

You will need to contact a participating lender to apply, or ask for more information.

The following lenders are currently participating in the scheme: