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