As part of the newly announced Mortgage Guarantee Scheme, the government will incentivise lenders to bring back 95% mortgages which have dissipated during the pandemic. This new scheme will not be restricted to just first-time buyers or new build homes, but there is a £600,000 limit. This means you can purchase an Erris home under £600,000 with only a 5% deposit!
The new scheme will be available from the beginning of April 2021 and will coincide with the Stamp Duty holiday which has been extended until June 2021 in England.
This scheme is in place to help young people get on the property ladder and can be used in conjunction with Help to Buy ISAs and Lifetime ISAs.
If you’d like to know more about the Mortgage Guarantee Scheme and how it could work for you, our friendly sales team are happy to help. Get in touch or find your nearest development to book an appointment today.