Increased house prices and cost of living crisis have made it difficult for First Time Buyers recently. That is why the Mortgage Guarantee Scheme which was to close in December has been extended to December 2023.
How can this scheme help First Time Buyers?
With challenges to save up for deposit for their first home, many buyers can barely get the minimum 5% deposit needed to obtain a mortgage. The scheme gives financial guarantees to lenders that in turn make more products available for customers with as little as 5% deposit. It only applies to properties worth up to £600000. There may be other conditions to be met, dictated by lenders too.
If you are a first-time buyer planning your first move, speak to a qualified broker. They will help you with affordability assessment, decision in principle and the rest of your application process as well as with other aspects of house purchase. They will hold your hand throughout the house buying process step by step.
