Mortgage Guarantee Scheme
Mortgage Guarantee Scheme with RS-Financial
Your Trusted Mortgage Broker!
The Mortgage Guarantee Scheme, launched in April 2021, is designed to help increase the availability of 5% deposit mortgages for credit-worthy households. This government-backed scheme supports lenders in offering 95% loan-to-value (LTV) mortgages, making it easier for you to step onto the property ladder or move to a new home.
Mortgages
Understanding Shared Ownership
How the Scheme Works:
Under the Mortgage Guarantee Scheme, the government provides a guarantee to lenders on 95% LTV mortgages. This means if a borrower defaults, the government compensates the lender for a portion of the net losses. The guarantee covers 95% of the property value down to 80%, with lenders retaining a 5% risk to ensure responsible lending.
Benefits of the Scheme:
- Low Deposit: Secure your home with just a 5% deposit.
- High Availability: Available for properties up to £600,000.
- Wide Accessibility: Open to both first-time buyers and existing homeowners.
- Government Backed: Enjoy the confidence of a government-supported mortgage.
Eligibility Criteria:
To qualify for the Mortgage Guarantee Scheme, you need to:
- Provide a 5% deposit for your property.
- Be purchasing a home valued at £600,000 or less.
- Pass the standard affordability checks set by your lender.
Start Your Journey to Affordable Homeownership Today
Why Choose RS-Financial: At RS-Financial, we are dedicated to helping you navigate the Mortgage Guarantee Scheme with ease. Our expert advisors are here to provide personalised support and guidance every step of the way. Whether you are a first-time buyer or looking to move, we make homeownership accessible and straightforward.
RS Financial is a trading name of Right Solutions Financial LTD. Right Solutions Financial LTD (917725) is a appointed representative of Andrew Nolan Mortgages LTD which is authorised and regulated by the Financial Conduct Authority . Andrew Nolan Mortgages LTD Parkhill Business Centre, Walton Road, Wetherby, West Yorkshire, LS22 5DZ (FCA 918720) A Commercial Buy to Let mortgage is where the borrower is acting by way of business and is not regulated by the FCA and therefore the provision of our service does not hold this additional level of consumer protection, unlike for residential mortgages.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments