New 95% mortgage scheme launches
A new government-backed mortgage scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit.
95% mortgage guarantee launches today, available on high streets across the countryScheme part of a range of ownership options to help make home ownership a realityNew figures show demand for home ownership has soared during lockdown, with nearly 80% of private renters now saving for a depositToday’s launch further strengthens government commitment to supporting the housing sector
A new government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder is available to lenders from today (19 April 2021).
First announced at the Budget, 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 and NatWest launching mortgages under the scheme today and Virgin Money following next month.
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