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Mortgage Guarantee scheme

The mortgage guarantee scheme allows first-time buyers to buy a home with as little as a 5% deposit, with them borrowing the remaining 95% of the mortgage.  There is a government guarantee on the scheme, meaning the government will reimburse the mortgage lender if the buyer defaults on payments.

Shared Ownership scheme

Shared Ownership allows low-income individuals to own a home by allowing them to buy a portion of the property and rent the remaining percentage.  The minimum starting stake is 10%, and you can increase this amount whenever you feel ready. An additional bonus is the fact that you only have to pay the deposit required for the portion you buy.

The Lifetime ISA

A Lifetime ISA helps first-time buyers save up for a deposit by giving topping up their savings account annually.  You can save up to £4,000 per annum, and the government adds an additional 25% on top of the amount you save, reducing the amount of time it takes to save up for your first home.

Help to Build Equity Loan scheme

The Help to Build Equity Loan scheme is useful for first-time buyers who are looking to build their own home.  This scheme offers a five-year, interest-free loan to supplement a buyer's 5% deposit. The equity loan amount ranges from 5% to 20% of the total estimated cost.

What are my mortgage options? 

Richard Kendall Estate Agent works in partnership with SMH Finance LLP who would provide the mortgage advice. Speak to one of SMH Finance LLP specialists today.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.