THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
MONEYWATCH FINANCE
HOW FIRST-TIME BUYERS CAN GET A MORTGAGE – A GUIDE TO GOVERNMENT SCHEMES AND SUPPORT
50
Buying your first home is exciting, but it can also feel overwhelming—especially when saving for a deposit, understanding mortgage options, and navigating rising house prices. If you or someone you know is trying to get onto the property ladder, there are government schemes and mortgage options that can help make buying a home more achievable.
This guide will take you through some of the key schemes available, explain how they work, and highlight why speaking to a mortgage adviser is an essential step in securing the right mortgage.
1. UNDERSTANDING LOW-DEPOSIT MORTGAGES One of the biggest hurdles for first-time buyers is saving for a deposit. Many believe they need a large sum upfront, but there are options available for those with small deposits—or even no deposit at all.
95% LOAN-TO-VALUE (LTV) MORTGAGES For buyers with a small deposit, 95% LTV mortgages allow you to buy a home with just a 5% deposit. Many lenders, including high- street banks, offer these mortgages, and while interest rates may be higher than for larger deposits, they allow you to buy sooner rather than later.
A mortgage adviser can help you compare lenders and find the best 95% LTV mortgage suited to your financial situation.
THE MORTGAGE GUARANTEE SCHEME This government-backed scheme helps lenders offer 95% mort- gages to first-time buyers. If you have a 5% deposit, this scheme could improve your chances of securing a mortgage. It is available until June 2025, so if you’re thinking of buying, now is the time to explore your options.
100% MORTGAGES –
SKIPTON’S TRACK RECORD MORTGAGE If saving for a deposit has been a struggle, Skipton Building Society’s Track Record Mortgage could be an option. This is a 100% mortgage designed for renters who have paid rent on time for at least 12 months. It allows buyers to purchase a home without needing a deposit, but it does come with certain conditions.
A mortgage adviser can help determine whether this is a suitable option for you and explain any risks involved.
2. BOOSTING YOUR DEPOSIT WITH FAMILY SUPPORT Many first-time buyers rely on family support to increase their deposit or improve their affordability. There are structured mortgage options designed to help families assist buyers in a scure and manageable way
FAMILY ASSIST AND GUARANTOR MORTGAGES These mortgages allow family members to provide financial support in one of two ways:
1. Family Assist Mortgages – A family member places savings into an account linked to the mortgage or uses their own property as security.
2. Guarantor Mortgages – A family member guarantees the mortgage repayments, meaning they step in if the borrower struggles to make payments.
These options can increase borrowing power but also come with risks. It’s important to get expert mortgage advice before making a decision.
GENERATION HOME – INCOME AND DEPOSIT BOOSTERS Generation Home offers innovative mortgage products that
LIVE24-SEVEN.COM
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116
