Information taken from the www.gov.uk website.
- 95% mortgage guarantee launched 19th April, available on high streets across the country
- Scheme part of a range of ownership options to help make home ownership a reality
- New figures show demand for home ownership has soared during lockdown, with nearly 80% of private renters now saving for a deposit
- The launch further strengthens government commitment to supporting the housing sector
Fantastic news! There is a new government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder is available to lenders.
The scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house of up to £600,000 – providing an affordable route to home ownership for aspiring home-owners.
The government will offer lenders the guarantee they need to provide mortgages that cover the other 95%, subject to the usual affordability checks.
The scheme is now available from lenders on high streets across the country, with Lloyds, Santander, Barclays, HSBC, NatWest and Virgin Money.
Other government home ownership options available include
95% Mortgages: From 19 April first time buyers will be able to purchase a home with only a 5% deposit. The scheme will help to increase the supply of 5% deposit mortgages for credit-worthy households by supporting lenders to offer these products through a government-backed guarantee.
Help to Buy: A government equity loan that supports first time buyers with a low interest loan towards their deposit.
Shared Ownership: Gives first time buyers the option to buy a share of their home (between 25% and 75%) and pay rent on the remaining share.
First Homes: A new scheme designed to help local first-time buyers and keyworkers onto the property ladder, by offering homes at a discount of 30% compared to the market price.
At The Personal Agent we have an inhouse broker who offers whole of market mortgage advice. Ignite Financial Services will be able to give you advice on the opportunities available. Contact us today to arrange a no obligation phone call from Ignite Financial Services.
If you are looking for a property click here to see our list of available homes for sale. Alternatively call / email us today on 01372 745 850 / email@example.com to register.
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