1. 5 Percent Deposit Mortgage Scotland
2. 5 Percent Deposit Homes
3. 5 Percent Deposit Scheme

A mortgage guarantee scheme to encourage home ownership and help buyers with deposits of just 5 per cent to get on to the property ladder, is due to be announced when Chancellor Rishi Sunak. 18 hours ago  News this week of the government's Mortgage Guarantee Scheme was welcomed by buyers up and down the country. The initiative - announced during Rishi Sunak's Spring 2021 Budget on Wednesday means buyers can secure a mortgage up to £600,000 with just a 5 per cent deposit. A 5% deposit could help you get on the property ladder sooner, as you’ll need to save less of a lump sum. The lowest mortgage interest rates are reserved for borrowers with large deposits of around 40% or more, but there are competitive deals for buyers with just 5% to put down.

“We need now to take forward one of the key proposals of our manifesto of 2019: giving young, first-time buyers the chance to take out a long-term, fixed-rate mortgage of up to 95 per cent of the value of the home – vastly reducing the size of the deposit. We believe that this policy could create two million more owner-occupiers – the biggest expansion of home ownership since the 1980s. We will help turn generation rent into generation buy.”said the PM.

5 Percent Deposit Mortgage Scotland

In wake of the economic impact of the pandemic, this almost sounds too good to be true. Although there has been very little information provided about when this scheme will be introduced or how it will work, the announcement may provide some form of relief for young first-time buyers struggling to save up for a house deposit. When the scheme has been introduced we will update you with further advice and our experts will be here for you. Please follow Wolferstans Solicitors on social media where our legal experts will provide guidance in line with the latest updates and announcements.

5 Percent Deposit Homes

5 Percent Deposit Scheme

Here is what one of our experts have to say and some tips for you to prepare for the alleged new scheme: