Mortgage Guarantee Scheme
The Mortgage Guarantee Scheme
The scheme will run until December 2022.
A result of the pandemic was that 95% mortgages became scarce – leaving many potential homeowners stranded. This scheme was designed to encourage more lenders to re-enter the 95% market.
Under the scheme, first-time buyers, home movers and previous homeowners with a 5% deposit have access to 95% loan-to-value mortgages.
The scheme guarantees that the Government will shoulder some of the cost if the lender loses money. For example, if the borrower fails to keep up with mortgage payments and the property is repossessed, but the subsequent property sale does not recoup the outstanding mortgage amount.
As far as you are concerned, there is no difference between a 95% mortgage offered through this scheme and a 95% mortgage offered outside this scheme.
The general eligibility criteria:
You must be buying a main residential home in the UK.
The property must be worth £600,000 or less. You won’t be able to apply if the property costs in excess of this.
There are still many lenders in the market who will offer 95% mortgages that sit outside this scheme.
Speak with one of our experts about the Mortgage Guarantee Scheme
Speak to our expert brokers on all types of mortgages, remortgages, even if you have bad credit. One of our expert brokers will be able to review your current situation and advise on the best way of moving forward with our knowledge and access to over 100 lenders. The initial advice is free, there is only a cost if you proceed with a mortgage.
About Clever Mortgages
We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:
- With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
- Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
- With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
- Our team know the lenders that are most likely to say ‘yes’, and give you the best rates
What should I do next?
- You enquire online with us today or request a call back
Our simple form takes a couple of minutes to fill in, this gets the ball rolling
- One of our experts will give you a call to find out more about your situation
We have experts in remortgaging, who focus solely on helping customers save money
- We do all the hard work for you
We search the market for the trusted lender that’s right for you
- Our expert will get back in touch
We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Abby Lewis
Need to know what your Credit Score looks like Abby will be on hand to help
Call us on: 0330 232 0285
