Chancellor Rishi Sunak has announced the availability of 95 per cent mortgages, which will come into play in April 2021. With Prime Minister, Boris Johnson, declaring his goal to 'turn Generation Rent into Generation Buy’, this will make a substantial difference to those looking to purchase a home under £600,000, where only a five per cent deposit will be required.
This scheme will solely be available to buyers of properties costing up to £600,000, which accounts for 86 per cent of all homes currently on the market in the UK, according to Rightmove. The scheme will end on December 31 2022.
Also known as a 95 per cent LTV (loan-to-value) mortgage, this covers 95 per cent of a property's value, meaning buyers will only need to afford the remaining five per cent.
Buyers can now save up to a third of what they would have had to pay prior to this announcement, as until now, most mortgage lenders were offering up to 85 per cent mortgages.
Of course, if you are searching for a home above the value of £600,000 then this is not applicable to you. If you are able to afford a larger deposit on your new home, you may find you have more choice when it comes to finding a mortgage with lower interest rates.
However, if you are a first-time buyer, are looking to transition from renting to buying, or are looking to upsize but have not accounted for additional funds, then this is a great solution for you.
Are you dreaming of a new home and want to make the most of the 95 per cent mortgage scheme? Contact your local Fine & Country agent to begin your search.
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