Mortgage Guarantee Scheme
The Mortgage Guarantee scheme unveiled by the chancellor in last week’s budget announcement is designed to help those with a 5% deposit buy a new home from April this year. The government-backed scheme will offer incentives to lenders, many of whom have already indicated that they plan to take part, launching 95% mortgages for those eligible.
Both first time buyers and existing homeowners are set to benefit from the scheme, and it could be available on properties up to a maximum value of £600,000. Designed to help creditworthy households who have been struggling to save for the deposit currently required by lenders, the scheme will be subject to the standard eligibility checks regarding credit status, income and employment.
Stamp Duty Holiday
For homebuyers hoping to benefit from the stamp duty holiday, the planned extension to the scheme is welcome news. Those buying a new home under the value of £500,000 before June 30th 2021 won’t need to pay stamp duty, with the threshold expected to taper down gradually until the scheme ends in September.
Speak to a Sales Advisor to find out which of our homes are eligible and how you could benefit.