The government announced this new scheme in the most recent budget. Launching today, the scheme enables High Street lenders to offer mortgages to borrowers with a deposit of just 5%. The policy is designed to help first-time buyers secure a property.

The new scheme will be available to anyone buying a home costing up to £600,000, unless they are buy-to-let or second homes. The government is offering a partial guarantee, typically 15%, to compensate lenders if the borrower defaults on repayments.

Not all High Street lenders will offer this scheme and many will still offer better value products for those that can stretch to a 10% deposit.

If you want to discuss the new scheme or other mortgage products to find out what you can afford, why not book a free mortgage consultation with Jon Shears Mortgage Advice in one of our seven offices.

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