First-time buyers and current homeowners in England will be helped to secure a mortgage with just a 5% deposit under the new government-backed mortgage scheme launched week commencing 19th April 2021.
First announced in the Budget back in March, the scheme will be available for the purchase of new and re-sale homes up to the value of £600,000. Buy-to-Let and second home purchases are excluded from the scheme.
Available until December 2022, products are now available from several lenders on the high street, however not all are offering products for new-build purchases.
The government guarantee will apply down to 80% of the purchase value and will be valid for up to 7 years after the mortgage commences. See our handy chart below to find out how much a 5% deposit is on average in different regions across England:
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Source: Dataloft, UKHPI, MHCLG