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New 95% mortgage scheme launches

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A brand new government-backed mortgage scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit. Getting on the housing ladder in Aylesbury is that little bit easier.

new mortgage scheme, 5% mortgage, estate agents aylesbury

  • 95% mortgage guarantee launches today, available on high streets across the country
  • New figures show demand for home ownership has soared during lockdown, with nearly 80% of private renters now saving for a deposit
  • Scheme part of a range of ownership options to help make home ownership a reality

The scheme is similar to policies previously used to boost the housing market and the economy, as well as offering support to those buying a home for the first time.

The new scheme will be available to anyone buying a home costing up to £600,000, unless they are buy-to-let or second homes.

The government is offering a partial guarantee, generally of 15%, to compensate lenders if the borrower defaults on repayments.

The guarantee is designed to give lenders the confidence to offer 95% loan-to-value mortgages – many of which were withdrawn during the Covid crisis.

Lloyds, Santander, Barclays, HSBC and NatWest are starting to offer products this week and Virgin Money will do so next month. 

However, some lenders such as Halifax, which is part of Lloyds Banking Group, and Barclays have said that these products will not be available for new-build properties.


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Housing Secretary Rt Hon Robert Jenrick MP said:

For too many people, no matter how hard they work, home ownership can seem out of reach. One of the biggest divides in our country has been between those who can afford their own home and those who cannot.

That’s why we are determined to do everything we can to help hard-working families and prospective first-time buyers get their feet on the housing ladder in an easy and affordable way, to level up this country.

The new mortgage guarantee scheme which comes into effect today will give providers the confidence to lend and help families and young people get on the property ladder without the prohibitive burden of a large deposit.

Despite the challenges faced over the past year, the government has intervened to protect jobs, support builders and buyers to help keep the housing market healthy. Today’s 95% mortgages launch further strengthens our commitment to build back better from the pandemic.

In recent years we’ve reversed the trend and seen a positive increase in owner-occupiers. We’re determined to build on this through the range of flexible ownership options which help ensure home ownership is achievable. We want to match the ambitions of aspiring homeowners up and down the country.

Together we can turn ‘Generation Rent’ into ‘Generation Buy’.

Further information can be found below

https://www.gov.uk/government/news/new-95-mortgage-scheme-launches 

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