95% Mortgage Guarantee Scheme
A new government-backed mortgage scheme has now been launched to help home buyers with a 5% deposit get on the housing ladder.
This new scheme is available to first time buyers and current homeowners, enabling them to secure a mortgage with a 5% deposit on a house up to the value of £600,000. This scheme is available to new builds and second hand properties.
How does it work?
Under this new scheme, the government guarantees the last proportion of the mortgage over 80%. Meaning on a 95% mortgage, the government guarantees the last 15% of the mortgage meaning they will compensate your lender should the mortgage fall into arrears. This new scheme is open until December 2022.
Second homes or buy-to-lets are not available to this scheme. This is for a repayment mortgage only.
MORTGAGES ARE SUBJECT TO STATUS, VALUATION AND LENDER CRITERIA AND ARE NOT AVAILABLE TO PERSONS UNDER THE AGE OF 18
A BROKER FEE MAY BE PAYABLE UPON MORTGAGE APPLICATION. ANY FEE PAYABLE WILL DEPEND ON YOUR CIRCUMSTANCES. YOUR MORTGAGE ADVISER WILL EXPLAIN ANY FEES APPLICABLE IN YOUR INITIAL APPOINTMENT.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE.
Torc24 is a trading name of The New Homes Group Limited which is registered in England and Wales under company number 2509770, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05. For activities relating to regulated mortgages and non-investment insurance contracts, The New Homes Group Limited is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited’s Financial Services Register number is 302221.
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01442 860700
info@torc24.co.uk
