New 95% Mortgage Scheme Launched

New 95% Mortgage Scheme Launched

The latest mortgages scheme which allows first time buyers or current homeowners to obtain a mortgage with just a 5% deposit has launched.

Available from high street lenders up and down the country, the scheme is designed to help make ownership a reality for those who would have ordinarily struggled with larger deposits.

New figures released by the government have shown that the demand for ownership of property has raised substantially during the COVID lockdown, with around 80% of private renters currently saving for a house deposit.

The new government backed scheme was first announced during Rishi Sunak’s Budget on 3rd March 2021 and will run from 19th April 2021 and will end in December 2022.

This scheme is designed to help both first time buyers and current homeowners to secure mortgages to buy houses up to £600,000 with a 5% deposit.

The government will offer lenders the guarantee that they need to provide the mortgages to applicants covering the other 95%, subject to the usual affordability checks.

There are many lenders on the market that are already offering the 95% mortgages, and more that will be in the coming weeks and months.

If you are interested in taking advantage of this latest government scheme, please get in touch with the team at Best 4U Mortgages on 01536 411144

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