First-Time Buyers: Now is the perfect time to buy a home
Great news! First-time buyers can now get 95% mortgages
A 95% mortgage will enable first-time buyers to borrow up to 95% of the purchase price of the property, with the remaining 5% made up of the deposit.
While low-deposit mortgages were often few and far between in 2020, there are signs that 2021 will be much better for first-time buyers. The low deposit, high percentage mortgage will help first-time buyers get on the property ladder sooner. The new mortgage scheme is a fantastic opportunity for first-time buyers looking to take a step onto the property and the scheme should also help to kick-start a flurry of low-deposit mortgages in the market.
Yorkshire Building Society was the first major lender to launch a five-year deal for first-time buyers in mid-March, ahead of the government’s new mortgage guarantee scheme. The Chancellor, Rishi Sunak, confirmed that mortgage lenders Lloyds, NatWest, Santander, Barclays and HSBC have already signed up to the scheme, with Virgin Money and many other lenders planning to follow suit over the next coming weeks.
The announcement forms as part of the new initiatives, introduced by the Chancellor, aimed to reinvigorate the housing market. Alongside the mortgage guarantee scheme, an extension to the stamp duty holiday was announced which will see the scheme now last until 30th June 2021. Click here to learn more about the stamp duty holiday.
Are you looking for a new home in 2021?
Between the new mortgage guarantee and the stamp duty holiday, now really is a great time to buy a home! If you’re interested in moving home in 2021, please take a look at the developments we have dotted around the picturesque county of Shropshire. With over 70 years of experience, we know what homebuyers are looking for and we take pride in our ability to transform a dream home into a reality.
7th April 2021Back to news