What is the Mortgage Guarantee Scheme
The Mortgage Guarantee Scheme i
s a Government-backed scheme that enables first time buyers or those looking to move to a bigger property, by enabling them to buy with just 5% deposit. The scheme, which is available on new build and second hand homes from 1st April 2021, means you can own your first or next home sooner, with just a 5% cash deposit and a 95% mortgage from a commercial lender.
- The Mortgage Guarantee Scheme allows you to buy with 5% deposit.
- The home you purchase must be worth less than £600,000
- The scheme is eligible for any buyer who meets the criteria
- First time buyers and those buying their next property can use the scheme
- The aim is created to help you to get on the property ladder or progress to a larger home sooner with financial support.