Whether you’re a First Time Buyer or looking to move up the property ladder as a homeowner, the recently announced 95% Mortgage Scheme will likely be of interest to you!
These low deposit schemes have been popular since around 2014, but due to last years Coronavirus lockdown, lenders began to withdraw these offers.
In March 2021, the Chancellor announced that their return would restart, with a Government guarantee made available to the lender to incentivise them to reinstate the low deposit schemes.
The main scheme details are:
- Must be a Residential Mortgage (Not Second Homes).
- Does not include Buy to Let Purchases
- For the benefit of individuals and not a company purchase
- Property value of £600,000 or less
- For Mortgage Loan-to-Value of 91-95%
- The mortgage must be Repayment
- Usual Affordability Assessment – The amount you can borrow is determined by a review of your Income and Outgoings
Availability of mortgage products will certainly grow over the coming weeks, as lenders adjust to this opportunity, so keep your eyes peeled for updates!
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