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Low deposit mortgages under the new government mortgage guarantee scheme have now been launched.

Low deposit mortgages under the new government mortgage guarantee scheme have now been launched.

The new government mortgage guarantee scheme has been officially launched with the intention to help more first-time buyers get on to the property ladder. Anyone looking to buy a home up to the value of £600,000 with a deposit of 5% will be able to apply for a guaranteed mortgage. 

It is also available for those wishing to move; however, the scheme is not available for buy to let or second homes.  It is also subject to usual affordability assessment so it may still be difficult to secure a mortgage.

The scheme is designed to give lenders confidence to offer 95% loan-to-value mortgages, many of which were withdrawn during the COVID-19 pandemic. It is understood that not all lenders will make products available for new-build properties. 

Whether you are a first-time buyer or a seasoned property owner moving under the scheme Alsters Kelley have a very experienced property team ready to assist you with your property purchase.

If you are thinking about buying your first home or moving and would like a quote for the Conveyancing then please visit our website where you will be able to obtain an instant, no hidden fees quote.

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With effect from Monday 8th March 2021

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