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    14 May 2021

    Conveyancing: 95% Mortgage Scheme

    From the 19th of April, a government backed scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a property.

    Government research indicates that nearly 80% of private renters are now saving for a deposit, and the demand for home ownership has soared within the last year. The launch further strengthens the government’s commitment to supporting the housing sector.

    First announced in the budget, the key points of the mortgage scheme are:

    • 95% mortgage guarantee has launched across the country.
    • The scheme is part of a range of ownership options to help make home ownership an option.
    • The scheme is now available from most high street lenders including Barclays, HSBC, Lloyds Banks, NatWest, and Santander.
    • The scheme is intended as a temporary measure. It will be open for new mortgage applications from April 2021 to December 2022.

    Conveyancing Paralegal, Donna Williams comments on the scheme ‘For some people, no matter how hard they work, home ownership can seem out of reach.  This new mortgage guarantee scheme will give providers the confidence to lend and help families and young people get on the property ladder without the burden of a huge deposit.’  

    This scheme is one of a range of flexible home ownership options and these include Shared Ownership and Help to Buy.

    Housing Secretary Rt Hon Robert Jenrick MP said ‘Despite the challenges faced over the past year, the Government has intervened to protect jobs, support builders and buyers to help keep the housing market healthy. Today’s 95% mortgages launch further strengthens our commitment to build back better from the pandemic.’

    Buying a new home, should be exciting and as free as possible from any stress or worry, if you would like to discuss buying your first home please call 01603 598000 or email info@steeleslaw.co.uk and a member of the team will be happy to assist. Appointments are available in Norwich, Diss, and London.

    We regularly post news updates and practical tips relating to residential property, please see our Conveyancing news page for more information.

    *The information provided in this article is designed to provide useful information on the subject, not to provide specific legal advice.

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