Head office
Archdeacon House
Northgate Street
Ipswich
IP1 3BX
01473 927 365
Woodbridge Office
28 Church Street
Woodbridge
Suffolk
IP12 1DH
01394 388 488
The part
of the Help to Buy scheme designed to help first-time buyers with only a 5%
deposit to put down has now finished, but there are still deals available to
help people with smaller deposits.
The
mortgage guarantee element of Help to Buy was originally set up to boost 95%
lending. As its name suggests, the scheme provided a government guarantee to
lenders prepared to lend up to 95% of the property value.
The
guarantee meant that the government would compensate lenders, to help reduce
their risk.
The
scheme proved successful, encouraging more lenders to offer mortgages to those
with only a 5% deposit to put down. Some lenders introduced 95% mortgages even
without the guarantee.
The
impact for first-time buyers has therefore been positive, and has given them
access to a much wider choice of 95% deals, with some major lenders maintaining
the rates they offer even now the scheme has ended.
Average
rates on 95% deals have also fallen, although buyers must meet affordability
criteria to qualify.
Those who
manage to save larger deposits will have far more mortgage options available to
them, but broadly it is a healthier market for homebuyers, whatever size
deposit they have.
Archdeacon House
Northgate Street
Ipswich
IP1 3BX
01473 927 365
28 Church Street
Woodbridge
Suffolk
IP12 1DH
01394 388 488
5 & 6 Crescent Stables
Upper Richmond Road
Putney
London
SW15 2TN
020 4524 9345
Poplar Hall Barn
Low Road
Debenham
Suffolk
IP14 6BS
01449 723 500
Established in 2020, Halls + Halls offers 40 years’ of expertise in the real estate industry. Our team provides an easy to understand, non-negotiable fixed fee product to sell property.