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As a result of the pandemic there have been very few low deposit mortgages available. If you, like many, would like to get onto the property ladder, or move home, but have been struggling to source the deposit funds needed, then help could now be on hand.
Today (3 March 2021) the Government announced during the Budget a new scheme that 95% mortgages are now available for first time buyers and current homeowners to buy properties up to £600,000 with just a 5% deposit.
The Stamp Duty holiday has also been extended until the end of June for properties up to the value of £500,000, which could save you thousands of pounds – and provide a much—needed financial relief.
The Government’s new mortgage guarantee scheme is set to launch in April and is there to help if you’ve been unable to secure and mortgage due to lenders asking for such large – and unreachable – deposits.
If you want to move home, but currently feel like it’s an unreasonable pipedream, then the Government’s new mortgage guarantee scheme could provide you with light at the end of tunnel:
How much could you borrow?
Wondering how much you could potentially borrow and how much a mortgage might cost you?*
Use our free interactive mortgage form to tell you.
Our mortgage advisors will then speak to you in more detail for a free, no obligation mortgage quote.
Who is the Government’s mortgage guarantee scheme for?
The Government mortgage guarantee scheme is for people and couples of any age who want to buy their first home or move but cannot afford to save up a large deposit to secure a mortgage.
What type of property can I buy under the new Government scheme?
You can buy any type of property, such as house, flat or bungalow, as long as it will be your main home – and not one to rent out or act as a second home for example. The scheme also isn’t restricted to new-builds, so you can choose and buy the property of your dreams, whether it’s old or new.
How do I apply for a mortgage under the new scheme?
These 95% mortgages will be available through a range of lenders, and you will apply in the same way as any other mortgage – but of course, you will only need a 5% deposit.
What is Stamp Duty?
Stamp Duty is the tax you pay when you by a residential property or piece of land in England and Northern Ireland.
What is the Stamp Duty Holiday?
The threshold for anyone buying a home and having to pay Stamp Duty was initially increased from £125,000 to £500,000 until the end of March. This has now been extended until the end of June. Following this, the threshold will decrease to £250,000 until the end of September and back to £125,000 from October onwards.
What is a 95% LTV mortgage?
A 95% mortgage (also known as a 95% LTV mortgage) is a mortgage to purchase a property with a small deposit (at least 5% of the purchase price). Your deposit is the amount of money that you need to put into the mortgage to make up 100% of the final purchase price.
For example, if you wanted to purchase a property at £200,000, you would put in £10,000 and a mortgage lender would lend you £190,000 to purchase the property.
How can Clever Mortgages help me?
Here at Clever Mortgages, we have access to hundreds of lenders and so can help you find the right mortgage based on your circumstances. There are so many different mortgages available so we will do all the hard work for you. We’ll find the right lender and product for you, guiding you every step of the way to help you buy your new home.
Speak to us now!
Why use a mortgage broker?
Mortgage brokers help you find the best deals on the market – not just from one lender. With a broker you can expect:
- Valuable knowledge, through years of experience helping customers to find mortgages
- An improved chance at finding a mortgage, some mortgages are only available through a broker
- Help with the application process, as usually just one application can be used across various lenders
- Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage
About Clever Mortgages
We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:
- With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
- Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
- With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
- Our team know the lenders that are most likely to say ‘yes’, and give you the best rates
What should I do next?
- You enquire online with us today or request a call back
Our simple form takes a couple of minutes to fill in, this gets the ball rolling
- One of our experts will give you a call to find out more about your situation
We have experts in remortgaging, who focus solely on helping customers save money
- We do all the hard work for you
We search the market for the trusted lender that’s right for you
- Our expert will get back in touch
We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Speak to a broker
Alison is a specialist mortgage broker who has been working for Clever Mortgages for 9 years helping customers with bad credit and has over 25 years experience within the mortgage and housing market.
Call us on: 0800 197 0504