Whole of market broker
Fully qualified advisors
Book a call
We really have missed you and we are hoping your release date of the 1st April 2021 isn’t a cruel April Fools.
If you are looking to get onto the property ladder and only have a small deposit, then a 95% mortgage could be your lifeline. It means that you will need to have a deposit of at least 5%. There are risks associated with a higher loan to value (LTV) mortgage and your Mortgage Adviser will explain these to you.
Under the new scheme a first time buyer or home mover will be able to purchase a home with a low deposit of 5% under the new Government backed scheme.
Yes, but only if you use the new Government backed scheme.
The scheme will be open to:
The mortgage will work in the same way as any normal mortgage. Acceptance is not guaranteed and is subject to full underwriting, affordability, credit status and the property type. You can improve your chances of success by reading our get mortgage ready guide.
Anyone who fits the lenders standard criteria can access the Government backed scheme. The scheme is NOT restricted to first time buyers.
The important point to consider is not can you use the scheme but are you eligible for a mortgage. This is why using a Mortgage Broker is so important, we know the market and after assessing your financial position will be able to make a recommendation to you.
The Government backed 95% mortgage scheme will come into force on the 1st April 2021 and run until December 2022.
Not quite ready to apply?
Give our calculators a whirl
Since the onset of the CoVID pandemic mortgage lending has been increasingly difficult to secure. The number of 5% and 10% mortgages dried up for the best part of summer 2020 and have made a painfully slow return.
Under the new scheme the UK Government (as a worst case scenario) will support the lender if they are unable recover their costs due to the borrower failing to keep up their mortgage repayments.
It is hoped that this scheme will encourage lenders to reintroduce higher loan to term mortgages to help those wanting to purchase property for the first time or move home, who don’t have more than a 5% deposit.
A 95% loan to value mortgage is designed to help people with a low deposit. Although a low deposit mortgage means more people with smaller savings can get onto the property ladder, there are risks associated with them. We would always recommend saving as much as you can towards your deposit.
If you can save more towards your deposit you could:
Hello Mortgage Limited is registered in England and Wales. Registered Office: Suite 20, Cookson House, River Drive, South Shields, Tyne & Wear, NE33 1TL. Company Number: 10414170. DPA number ZA332902
Hello Mortgage Limited is an Appointed Representative of MyInfinity Finance Limited which is authorised and regulated by the Financial Conduct Authority 672182.
VAT Reg no: 347344491