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95% mortgage scheme launches

A new government backed mortgage scheme launched on 19th April 2021. The Scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house of up to £600,000. This provides an affordable route to home ownership for aspiring homeowners.

The scheme is now available from lenders on high streets across the country, with Lloyds, Santander, Barclays, HSBC and NatWest launching mortgages under the scheme today and Virgin Money following next month.

The government is committed to supporting people who aspire to become homeowners, helping over 685,000 households to purchase a home since 2010 through government backed schemes including Help to Buy and Right to Buy.

Other government home ownership options available include

95% Mortgages: From today (19 April) first time buyers will be able to purchase a home with only a 5% deposit. The scheme will help to increase the supply of 5% deposit mortgages for credit-worthy households by supporting lenders to offer these products through a government-backed guarantee.

Help to Buy: A government equity loan that supports first time buyers with a low interest loan towards their deposit.

Shared Ownership: Gives first time buyers the option to buy a share of their home (between 25% and 75%) and pay rent on the remaining share.

First Homes: A new scheme designed to help local first-time buyers and keyworkers onto the property ladder, by offering homes at a discount of 30% compared to the market price.

The Scheme has been introduced as a temporary measure and will be open for new mortgage applications between April 2021 & December 2022. The Government will review towards the planned end date whether there will be an extension on the 5% deposit after reviewing if this would continue to deliver benefits for prospective homeowners.

Link: 95% Mortgage scheme

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