- Tue 20 Apr 2021
The Government’s mortgage guarantee scheme has now launched generating a number of lenders to launch their 95% loan to value deals.
The aim is to help buyers with lower deposits get onto the property ladder by offering incentives to the lenders offering the deals, many of which were removed from the market as a result of the pandemic. This will boost the demand for property even further by giving more potential buyers the opportunity to purchase their own home who had initially been struggling to save up a substantial deposit.
The scheme allows buyers to purchase properties valued up to £600,000 with a 5% deposit and unlike the Help To Buy scheme, it will not be restricted to first time buyers or new build homes only. This allows existing homeowners to benefit from the scheme too!
The UK’s largest lenders have already started offering mortgages within the scheme including Barclays, HSBC, Santander, Natwest and Lloyds. To make sure you are getting the best deal and the lowest monthly payments we advise you speak with our mortgage advisors who have access to all lenders to compare and discuss the best options for you.
Head of Bradleys Financial Management, David Lewis, commented:
"The supporting of buyers with smaller deposits is vital to widening home ownership to more people. The pandemic lead to almost all mortgage companies removing many higher loan to value (LTV) mortgage products and first time buyer products. As a result many people have been struggling to save a 15-20% deposit required and left unable to buy a home. We now have multiple mortgage lenders offering products and so we can have a selection of products to choose from to suit the individual needs and requirements."
David and his team now offer a remote mortgage interview service alongside the telephone interview service, which is completely free so that you can investigate your options ahead of applying for a mortgage.
Since the start of the pandemic we have had to adapt to the way we work and have further developed our service to ensure we meet the needs of our customers. We now carry out our appointments via video calling in addition to the telephone service that we have operated for many years. Our service allows you to discuss your mortgage requirements almost anywhere providing you have signal or broadband. Contact us to book your appointment and see how we can get you moved into your new home.