Help to Buy  

Help to Buy can benefit buyers who have done their research

  • Understand the workings of the Help to Buy scheme
  • Grasp the challenges of using Help to Buy
  • Understand the risks of taking on a Help to Buy loan
CPD
Approx.30min

The Help to Buy scheme has seen lots of first-time buyers taking on a huge financial commitment, thinking their financial position would improve by the time the first payments were due, but five years down the line some are now finding they are not quite where they wanted to be and this could start to cause affordability issues.

Nevertheless, the scheme has been very useful, and many first-time buyers who otherwise would have not been able to get a foot on the property ladder have done so.

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Advisers need to ensure any client looking to buy using the Help to Buy scheme is fully aware of all the pros and cons and that their situation suits the scheme. Once a client is on the scheme, advisers should be contacting them at least annually to ensure they are making preparations forthe future.

We do not want to end up in an interest-only mortgage situation, with customers burying their heads in the sand until it is too late. 

John Phillips is group operations director at Just Mortgages and Spicerhaart

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to John Phillips Help to Buy is available on all properties. True or false?

  2. According to John Phillips, what is the interest rate on Help to Buy loans becoming due this year?

  3. According to John Phillips what deposit do borrowers need to raise with Help to Buy?

  4. According to John Phillips, what happens once the interest-free loan needs to be paid back?

  5. Why do critics believe there will be H2B borrowers in financial difficulty?

  6. According to John Phillips, a property bought on Help to Buy can be rented out. True or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Understand the workings of the Help to Buy scheme
  • Grasp the challenges of using Help to Buy
  • Understand the risks of taking on a Help to Buy loan

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