Article preview: Today sees the launch of a new government-backed mortgage scheme, allowing first-time buyers and current homeowners to secure a mortgage with a low deposit of just 5%. The scheme was first announced in the Budget last month, and is available on home purchases up to £600,000. Lenders can access a government guarantee so they can offer 95% loan-to-value mortgage deals, although borrowers will still be subject to the usual affordability checks.
Low-deposit mortgage scheme launches with 38 new products
This 405-word blog post looks at the launch of the new government guarantee scheme which is reintroducing 95% loan-to-value mortgages to the UK market for the first time in a year. Written on 19th April 2021.
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