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5% Deposit New Mortgage

Published: 26/04/2021

First-time buyers and current homeowners in England will be helped to secure a mortgage with just a 5% deposit under the new government-backed mortgage scheme launched this week.

First announced in the Budget, the scheme will be available for the purchase of new and re-sale homes up to the value of £600,000. Buy-to-Let and second home purchases are excluded.

Available until December 2022 products are now available from several lenders on the high street, however not all are offering products for new-build purchases.

The government guarantee will apply down to 80% of the purchase value and will be valid for up to 7 years after the mortgage commences. Source: Dataloft, UKHPI, MHCLG

Are you trying to find a new place to live, call Willmotts for property advice or information with selling and or buying a home please email sales@willmotts.com or call 020 8222 9958

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