Which banks are doing the mortgage guarantee scheme?

Which lenders will offer the mortgage guarantee scheme?

• Lloyds.
• NatWest.
• Santander.
• Barclays.
• HSBC.
• Virgin Money.

Is mortgage guarantee scheme only for new builds?

The mortgage guarantee scheme is not yet available on new build homes. However, the long running and hugely popular Help to Buy scheme is still available to first time buyers, and is available exclusively on new build homes.

What do I need to guarantee a mortgage?

A guarantor generally needs the following: To own their own property or possess enough equity to satisfy the lender. A high enough income to cover the cost of mortgage repayments if required. A strong credit record.

What is the new 95% mortgage scheme?

A new government-backed mortgage scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit. A new government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder is available to lenders from today (19 April 2021).

When does the Mortgage Guarantee Scheme come into effect?

The mortgage guarantee scheme announced at Budget 2021 and launched on 19 April 2021; will help to increase the supply of 5% deposit mortgages for credit-worthy households by supporting lenders to offer these products through a government backed guarantee on new 95% mortgages until 31 December 2022.

When does the government guarantee 95% of mortgages?

Provides background on why the government has introduced a mortgage guarantee scheme, and how it works. The scheme is open to new 95% mortgages until 31 December 2022, with participating lenders offering 95% mortgages under the government guarantee from 19 April 2021.

What happens when you have a nationwide mortgage?

When you have a mortgage with us you become a Nationwide member and part of something striving for mutual good. Read more about becoming a member and the benefits. Homes matter. When people have a home they can call their own, they can put down roots, look out for their neighbours, raise families and build stronger, kinder communities.

What kind of mortgage do you need for mortgage guarantee?

The mortgage guarantee scheme also helps existing homeowners who are looking to move and require a 95% Loan-To-Value mortgage. It is available across the UK on properties with a purchase price of £600,000 or less, where a borrower has a deposit of 5%.