The Budget of 2021 saw the UK Treasury announcing another state-funded scheme aimed at helping to keep the UK housing market fluid. Known as The Mortgage Guarantee Scheme, the newly announced initiative will launch officially in April 2021.
The scheme offers lenders to both first-time buyers and those that have previously owned a home a government-backed guarantee, meaning that should the home reduce in value and need to be sold, the lenders are effectively insured for any loss. This scheme has resulted in the increased availability of 95% Loan to Value mortgages coming back in the first two quarters of 2021.
This is good news for borrowers with only small deposits. It means that even if you only have a 5% deposit, you may be able to obtain a mortgage on the remaining 95% of the purchase price, up to £600,000.
Several major mortgage lenders are already offering mortgages on this basis, but more are now expected to join the market.
The government plan is to close the scheme in December 2022, so interested parties should get their skates on if they wish to take advantage!
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
9 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
9 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
22 days ago
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
22 days ago
Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
18 Mar 2025
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
17 Mar 2025
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.