Mortgage Guarantee Scheme and Help to Buy
Also worth considering when getting a mortgage is looking at current government schemes to support buying a property.
The Help to Buy scheme is a government backed mortgage scheme designed to help buyers purchase a new build home with as little as a 5% deposit. The government lends you up to 20% of the property value and up to 40% if buying within Greater London. There are also similar schemes for Scotland and Wales.
The mortgage guarantee scheme is another government scheme available from April 2021 and aims to help buyers (new and existing) to buy a property with a deposit of just 5% of the property value, provided they secure the remaining 95% through a mortgage loan. The loan has to be gained from a lender that is participating in the scheme and who will be incentivised by the government to take part.
