Do you want to buy your first home? If this is the case, you should explore a house buy scheme before proceeding, since a variety of schemes are offered and one scheme may be exactly what you need to achieve your primary goal of home ownership. Many elect to use the mortgage guarantee option, a plan available to a person with a five percent advance payment for the acquisition of their brand new home. The particular option will take individuals who are investing in their very own initial residence, along with those who presently have a house, but wish to make a move. This unique scheme might only be employed for homes priced at £600,000 or less, yet numerous properties in the UK satisfy this specific specification. As soon as the home buyer can show they have the required deposit, the government subsequently agrees to guarantee the remaining portion of the mortgage, decreasing the risk of the lending company. You are unable to make use of this option if you want to purchase the dwelling as a shared equity or shared ownership purchase, plus the plan is just available to people who are buying a first residence. It cannot be put to use for an additional residence, like a rental home. Additionally, you’ve got to be planning to reside in the house, as opposed to letting the home out. Should you fulfill these kinds of qualifying criteria, this option might be right for you.