Could a 95% Mortgage help you onto the Property Ladder?
Have you been saving for a deposit for your first home forever? Don’t delay you can, with as little as 5% deposit.
Being a first-time buyer can be daunting, especially when you see that the average age of a first-time buyer will jump to 34.7, from 33 years old this year.
Let’s put some positivity out there for you, our first-time buyers. The great news is 95% mortgages are available and you will only require a 5% deposit to take your first step on the housing ladder.
Mortgages issued under this scheme are backed by the UK Government. This means, if you were unable to pay back what you borrow, the UK Government would financially support the lender to help mitigate any losses. Lenders are more willing to lend at this riskier end of the mortgage spectrum because of the Government backing.
This scheme was launched in April 2021 and is open to new applications until December 2022.
Who is eligible for this UK Government backed scheme?
How can The Mortgage Girl Help?
To bring this to life you could be buying your first home sooner than anticipated. For a property valued at £250,000 you will now need a deposit of £12,500 compared with the 10% deposit of £25,000 which would have been required a few months ago.
House prices are seeing an all-time high and may continue to increase so if you are starting to consider your homeownership dreams now, please get in touch. We would love to help you at The Mortgage Girl.
Please visit our first-time buyer lounge for free video guides that contain all the information that you will require as a first-time buyer to start your own research.
If you liked this post Could a 95% Mortgage help you onto the Property Ladder? and looking for more great mortgage tips, news & advice, check out our last blog post Should you overpay on your mortgage?
Call 01752 749655 or CONTACT US for free impartial mortgage advice to help you find the best deal.