The 5% deposit mortgage scheme is back-what does this mean for you?

The Government has announced a plan to guarantee mortgages with 5% deposits. The aim of this scheme is to encourage lenders to offer mortgages to buyers with smaller deposits, something which many lenders have not done since the first lockdown of the coronavirus pandemic.

Starting in April, the scheme will be available on new mortgages taken out until 31 December 2022. The mortgages will be available to first time buyers as well as those looking to move house.

Whilst lenders will not be obligated to participate in the scheme, it has been reported that Barclays, HSBC, Lloyds, Natwest and Santander has already confirmed they will be doing so.

Matt Collis, one of our residential property solicitors, is optimistic about this new scheme:-

“The new mortgages will be a great tool to help first time buyers get on the property ladder, even if they are only able to offer a lower deposit. The Government has said it wants to turn 'generation rent' into 'generation buy' – and I think this new scheme will really help achieve this.”

The Chancellor also confirmed that the temporary holiday on stamp duty land tax payable will be extended.

The conveyancing department at Blanchards Bailey now boasts 9 lawyers, backed by a highly knowledgeable and skilled support team including two experienced fee-earning assistants undertaking training towards professional qualifications.

When you instruct us to act on your behalf you will be given the contact details for one of our fee-earners who will assist you with your purchase from your initial instruction right through to completion. We appreciate the importance continuity and consistency. You will be given the fee-earner’s direct telephone number and email address to communicate with however best suits your needs.

With your residential property needs, Blanchards Bailey is by your side and ready to see “property done properly”. At Blanchards Bailey we pride ourselves on our knowledge of the local area and our ties to the local community, both of which could prove to be useful and of a benefit to you in your purchase

It should be noted that the cheapest quote is not always the best service, and reputation and recommendations do hold weight. At Blanchards Bailey our quotes are upfront and transparent. There will be no hidden charges. If any additional expenses arise during the course of your transaction we will let you know immediately.

For any questions relating to residential property, contact Matt Collis or one of the residential property team on 01258 459361.

Click here to read our Residential Property FAQs 

Blanchards Bailey

So, how can we help?

Whatever your requirements, our team is standing by.

Call us today on
01258 459361