Created 3rd March 2021

Today chancellor, Rishi Sunak confirmed that new ultra-low deposit mortgages would be backed by the government, meaning that homeowners and new buyers will be able to take out a mortgage on a property of up to £600,000 with a deposit of just five per cent.

From April, the Government will ensure that buyers have protection from potential losses as they pledge to take on some of the risk of low deposit loans. The ability to purchase a Government guarantee that will reimburse them for a portion of their losses in the event of foreclosure.

Mortgage lenders under the scheme will offer mortgages at a five-year fixed rate, with giving predictability and long-term financial planning abilities for those who wish to purchase on the ultra-low deposit scheme.

The chancellor, Rishi Sunak, said previously: “By giving lenders the option of a Government guarantee on 95% mortgages, many more products will become available, helping people to achieve their dream and get on the housing ladder.”

For more information please contact mortgages@bradleyhall.co.uk or call 0191 260 2000.

• YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE Bradley Hall / BH Group is regulated by RICS. BH Group, Bradley Hall Chartered Surveyors & Estate Agents or BH Planning and Design is not responsible for any advice given by BH Mortgage Services Ltd

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