The Government’s decision to bring forward Help-to-Buy Phase 2 is encouraging news for first-time buyers and home movers, according to local leading estate agency Bairstoweves in Harringay.

The second phase of the scheme is a mortgage guarantee, which allows buyers to purchase a home worth £600,000 or less with just a 5% deposit. The mortgage guarantee applies to all property purchases, not just new-build homes, and the Government will guarantee up to 15% of the value of the property through an agreement with the lender.

Help-to-Buy Phase 2 was expected to launch in January 2014 but the Government has bought it forward to October 2013 as a continuation of its pledge to help more people across the country become homeowners. The Government aims to do this by increasing the supply of low-deposit mortgages and enable those with a 5% deposit to get on the housing ladder.

Commenting on the launch of Help-to-Buy Phase 2, Cherelle Rouse, branch manager at Bairstoweves said: “We welcome the launch of Help to Buy Phase 2 which will enable more people to get on the housing ladder and alleviate pent up demand for those wishing to purchase their first home or trade up. As part of Countrywide plc, the UK’s largest mortgage broker, we are able to offer our customers access to a range of competitively priced mortgage products ranging from 95% to 60% loan-to-value. Through Help-to-Buy Phase 2 we are delighted to be able to offer a 90% and 95% loan-to-value mortgage from one of the high street’s leading lenders.”

The interest rates for a 95% mortgage available through Help-to-Buy Phase 2 mean that the mortgage is affordable and repayments are manageable for homebuyers. For many people the monthly mortgage payments will be cheaper than the cost of the average monthly rent.

“First-time buyers and home movers with just a 5% deposit should speak to a mortgage consultant now to find out more about the best mortgage options to suit their needs,” says Michael Moulton, mortgage consultant at Bairstoweves.

The first phase of the Help-to-Buy scheme was launched in April 2013 and offers loans of up to 20 per cent to all homebuyers who are purchasing a new-build property up to the value of £600,000. Buyers only need a 5% deposit to qualify and the Government will lend them an equity loan of 20% of the property value. The loan is interest-free for the first five years, after which buyers must pay an annual fee. Borrowers can repay the loan at any time.

For further information about Help to Buy Phase 2 and to find out more about your mortgage options, please contact Bairstoweves by telephone on 0208095050 or email .