Warrington-Worldwide.co.uk incorporates the Village Life, Culcheth Life, Frodsham Life & Lymm Life magazines.

95% Mortgages are making a comeback!

0

by Sam Fox www.warringtonmortgagecentre.co.uk

THE government has announced a new mortgage guarantee scheme to support people in realising the dream of homeownership.

This will increase the availability of 95% mortgage products, enabling more households to access mortgages with just a 5% deposit.
Who can access the mortgage guarantee scheme?
The scheme is available to all home buyers, not just First Time Buyers. It will only be available on properties worth up to £600,000.
When is the government scheme available?
The scheme is intended as a temporary measure. It will be open for new mortgage applications from April 2021 to December 2022. However, the government scheme isn’t the only opportunity you will have to access a 5% deposit.



What other 95% products are there?
Accord Mortgages Limited have recently released a new 95% mortgage product, but this one is for First Time Buyers only.
Bank of Ireland has also reintroduced a 95% mortgage which is available to First Time Buyers, homemovers, self-employed and employed across the whole of the UK including Northern Ireland.
Skipton Building Society is now offering 95% Loan to Value (LTV) products exclusive to First Time buyers and also available on shared ownership properties
And – we’re hearing more lenders are now gearing up to launch product in the first week of April – Such as TSB & Aldermore Bank.
What’s our opinion on 95% mortgages?
We think it’s a great way to help people get onto the property ladder without having to save for a big deposit. This doesn’t mean to say there aren’t a few things to consider, such as the potential of the borrower falling into negative equity if house prices fall significantly. It really depends on your personal circumstances – which is why it’s so important to seek mortgage advice from experts such as ourselves.
Our quick-fire tips to get ready for a mortgage application
– Know your budget and affordability
– Check your credit report
– Prepare the documents you will need such as your last 3 months’ bank statements and payslips
– Speak to a mortgage advisor such as ourselves to help you meet the specific requirements of the lender
I want to find out more, who do I speak to?
Mortgage advice is what we do best! We’re a locally-based business with a team of experts on-hand ready to answer any questions or help you take the next step towards homeownership.
Give us a call on 01925 573328 or email sam@wmc-mortgages.co.uk to get in touch.

Your property may be repossessed if you do not keep up with your repayments.

Share.

About Author

Experienced journalist for more than 35 years. Managing Director of magazine publishing group with six in-house titles and on-line daily newspaper for Warrington. Experienced writer, photographer, PR consultant and media expert having written for local, regional and national newspapers. Specialties: PR, media, social networking, photographer, networking, advertising, sales, media crisis management. Patron Tim Parry Johnathan Ball Foundation for Peace. Trustee Warrington Disability Partnership. Former Chairman of Warrington Town FC.

Leave A Comment