The government scheme launched its first stage help to buy scheme in April 2013 which offered equity loans for new build properties. The latest scheme due to commence early this year will be available to both new and existing properties. In recent months the governmental scheme has given many individuals a helping hand to get onto the property ladder by allowing them to put down lower deposits on the properties.
The latest lender to sign up to support the help to buy scheme is Aldermore bank. The bank which was founded back in 2009 means it is one of the newest banks to launch products under the help to buy scheme. Other lenders which have signed up to the scheme are Barclays, Santander and Lloyds Banking Group to name only a few.
To be eligible for the help to buy scheme individuals must have a deposit of at least five percent. It is important to bear in mind there are additional criteria which must be met before taking full advantage of the scheme. Banks are also credit checking all applicants who apply for the loan.
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