Boost To Buy Scheme
The Boost To Buy Scheme is a government-backed initiative designed to help first-time buyers and existing homeowners step onto or move up the property ladder. This scheme provides financial support by offering low-deposit mortgages, making it easier for individuals to secure a home without needing a large upfront payment. It’s particularly beneficial for those who may struggle to save for a traditional deposit, offering a more accessible path to homeownership.
How Does the Boost To Buy Scheme Work?
Under the Boost To Buy Scheme, eligible buyers can access mortgages with deposits as low as 5% of the property’s value. This reduces the financial burden of saving for a larger deposit, which is often a significant barrier for many aspiring homeowners. The scheme is available for both new-build and existing properties, giving buyers flexibility in their property choices. Additionally, the government provides a guarantee to lenders, encouraging them to offer these low-deposit mortgages with competitive interest rates.
Key Benefits of the Boost To Buy Scheme:
- Low deposit requirements (as little as 5%)
- Available for first-time buyers and existing homeowners
- Applies to both new-build and existing properties
- Government-backed guarantee for lenders
By reducing the upfront costs and offering greater flexibility, the Boost To Buy Scheme aims to make homeownership more achievable for a wider range of people.