03/03/2021 Government Confirms Plans To Guarantee 95% Mortgages
The UK government has confirmed that it will guarantee the risk of 95 per cent mortgages through a guarantee scheme for lenders.
The scheme, announced in the Budget on 03/03/2021, will give buyers – both first-time and existing the option to put down a 5 per cent deposit on a home, up to a value of £600,000, helping address the problem of higher-LTV mortgages disappearing from the market.
Described as a “New policy to stand behind home buyers,’ chancellor Rishi Sunak stated that some of the country’s biggest lenders, “Including Lloyds, NatWest, Santander, Barclays, and HSBC” will be offering the new mortgages from next month.
“More, including Virgin Money, will follow shortly,” he said, adding “As the prime minster has said, we want to turn ‘generation rent’ into ‘generation buy’.
If you’re looking to purchase a property and have a 5% deposit and need a 95% mortgage, contact us to register your interest here: https://www.broadlandconsultants.com/contact-us/
We’ll then be back in touch when the 95% mortgage deals start to appear on the market, and our expert mortgage advisers will be able to talk to you about the best options available for you. You don’t need to be based in Norwich or Norfolk to receive expert mortgage advice from our team. Video call appointments are also available.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Commercial and Buy to Let Mortgages are not regulated by the Financial Conduct Authority.