The Chancellor’s announcement of a new government guarantee scheme for 95% LTV mortgages was welcome news for prospective homebuyers with a 5% deposit, who have effectively been blocked from the property market during the pandemic.
Launched in April 2021, the scheme offers a government ‘guarantee’ on 95% LTV mortgages to encourage cautious lenders to bring back these deals. The guarantee applies to the portion of the loan over 80%, with the government partially reimbursing the lender in the event of repossession.
The scheme is due to end on 31 December 2022, subject to review. First-time buyers and home movers can apply, eligibility criteria apply. Get in touch for further information on the scheme.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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(Your home may be repossessed if you do not keep up repayments on your mortgage)
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