HOW CAN THE MORTGAGE SCHEME HELP YOU?
The process of applying and repaying the mortgage is the same as it would be for a standard mortgage – there really is very little difference for the buyer. The scheme is intended to increase the availability of mortgages at competitive interest rates for buyers with a minimum of 5% deposit. The government are going to make this possible by guaranteeing repayment of the mortgage to the lender, this will be dealt with behind the scenes by participating lenders. There will be no additional paperwork or charges for the buyer.
Below is a quick checklist of who is eligible for the scheme:
- Available to both existing home owners and first-time buyers
- Buyers need a minimum of a 5% deposit
- Available on all previously owned and new build properties up to the value of £600,000
- Must be your only property
- Available for properties in the UK
- Borrowing from a participating mortgage lender
SEE THS SIMPLE EXAMPLE OF HOW THE 5% WORKS WITH A MORTGAGE
Want to know more? check out this Government Article which will explain the scheme in more detail.
For more information on the scheme, subscribe to our blog where we will be keeping you up to date with the changes as they happen
CHECK US OUT ON TWITTER @AlanCookeLeeds