Too little deposit to buy a dream home? Here's what you could do....

Have your home buying plans been affected by Covid 19?

Do you have too little deposit to buy? There are still options you might want to explore!

Pre Covid 19 lenders would lend to home buyers who had as little as 5% deposit and there was generally no issue with getting these mortgages. But these things have since changed and now, to have a choice of lenders and a decent interest rate, buyers need 15% or even more as a deposit.

There are rare deals for 10% and nearly no 5% ones so what can buyers do to still be able to get their dream home?

There are Government schemes which might help and, as long as you understand fully the ins and outs, you might still be able to move home.

Shared Ownership scheme, for instance, allows buyers to purchase between 25% and 75% of the house value and pay rent for the rest. The good thing is that deposit needed is calculated based on the share being bought so if someone is buying a 50% of a property worth £200k as an example, they will only need deposit based on £100k (50% of £200k).

This way, the deposit you have saved up may actually be sufficient for you to buy the house.

You would still need to pass the financial assessment and be able to afford both mortgage payment and rent, but at least you would not need to pay for the whole house at once.

You can then buy the rest of house shares in future.

Should you feel you would like to get more information about this scheme, do get in touch and our adviser will explain

Have you ever heard of Credit Score Protection?

Credit score check is a crucial element of house buying process. A good mortgage broker should check credit report prior to submitting a mortgage application as this document can help select the right lender and avoid hurdles in a house buying process.

The times we face currently might create extra financial pressures on many of us. Whether you are employed or self-employed you may be challenged by loss of income, you may struggle to meet your credit commitments, which, as a result, may damage your credit score. Your health is also never guaranteed so being unable to work due to illness may force you to take decisions that will affect your credit score and your ability to be able to re-mortgage or buy a house in future.

If you have never heard of credit score protection, we encourage you to speak to us to see what is available that might prevent you from drastically affecting your credit score during times when you won’t be able to work due to health reasons.

We now offer online video consultations to answer any questions you might have

Are you eligible for a Green Homes Grant Voucher?

The Government has come up with a scheme for both home owners and landlords that will help make properties energy efficient. The Green Homes Grants will provide homeowners with vouchers to install one or more of the following:

✅solid wall, under-floor, cavity wall or roof insulation ✅air source or ground source heat pump ✅solar thermal

In addition, households may also be able to use their voucher for further energy saving measures. These include one or more of the following: ✅double or triple glazing/secondary glazing, when replacing single glazing ✅upgrading to energy efficient doors ✅hot water tank/appliance tank thermostats/heating controls Government has also announced that home owners will be able to obtain suitable advice on home energy efficiency from Simple Energy Advice (SEA) service. This service will offer guidance what home improvements may be eligible for grants. Households will be also able to check a list of approved TrustMark and MCS registered tradespeople in their local area whom they could engage to do the work. Once the works are agreed, vouchers will start to be issued from the end of September. For more information, please see the link:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/906544/ghg-additional-information.pdf?fbclid=IwAR16AMMGuR3xCwm1A4DlzlIT6sUWm7gn3Bst0snI935Bp7otG8Z9r6k7EpY