Mortgage Schemes
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Mortgage Schemes
For First Time Buyers
There are Government and housebuilder-backed schemes available to help First Time Buyers step on to the property ladder, including 95% LTV mortgage schemes and Shared Ownership options.
These can change and are sometimes only available in specific areas, and may even be subject to your circumstances. Our advisers will be able to help you understand which option is best for you.
With our experience, knowledge and access to thousands of mortgage products and a wide range of specialist lenders, you can also trust us to find the best mortgage deal available for your circumstances.
Own New
Own New is a private sector initiative that offers reduced rates and smaller deposit mortgages on new builds through two mortgage products: Rate Reducer and Deposit Drop.
Find out more about Own New Rate Reducer here.
Green Mortgages
A Green Mortgage is specifically targeted at energy efficient properties. The incentive for buying a ‘green’ home means not only reduced running costs, but you could also get access to a preferential mortgage rate. Terms and conditions apply.
Mortgage Guarantee
This scheme is available to First Time Buyers and current homeowners, enabling them to secure a mortgage with a 5% deposit on a house up to the value of £600,000. This scheme is available to new builds and second hand properties. Under this scheme, the Government guarantees the last proportion of the mortgage over 80%.
This means that on a 95% mortgage, the Government guarantees the last 15% of the mortgage, so they will compensate your lender should the mortgage fall into arrears.
Deposit Unlock
Deposit Unlock is a scheme to help buyers, both first time and home movers, to buy a new build home with only a 5% deposit. There are a number of housebuilders participating and a limited number of participating mortgage lenders.
The scheme is aimed at helping buyers to purchase a new build home with a small deposit, and gives you access to additional 95% mortgages on new build properties.
Shared Ownership
This Government-backed scheme helps First Time Buyers whose affordability doesn’t allow them to buy a property at full market value. It works by enabling them to purchase a share of a property, usually between 10% – 75% of its full market value, and pay rent to a landlord on the remaining portion. The buyer would aim to buy further shares over time, until they own the property outright.
This way, you can put down a small deposit and still benefit from lower monthly mortgage repayments.
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