Designed to support a new generation in realising the dream of home ownership, the Scheme was launched on 1st April 2021, the new scheme should increase the availability of 95% loan-to-value (LTV) mortgage products, with the Government providing an element Guarantee to the Lenders.
We know how difficult it is to save for a deposit and this new Scheme should enable more people to access mortgages without the need for prohibitively large deposits.
The Scheme is open to Buyers ONLY, whether First Time Buyers or Movers, up to a maximum purchase price of £600,000.
Also remember that in order to qualify it must be your ONLY and MAIN residence and you must not have any interest in any other property, such as a second home or BTL.
The Scheme will be available until 31 December 2022, with participating lenders offering 95% mortgages under the Government Guarantee.
Whilst several High Street Lenders have already opted in to the new scheme, we at Willowlace expect affordability and other criteria to be more stringent than at lower loan to values, and we expect the rates of interest to be significantly higher than at lower loan to values.
We believe that getting good advice from Willowlace around these new products is absolutely critical to buyers, and we are well positioned to provide you with more advice than a High Street Lender.