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The Mortgage Guarantee Scheme is a government-backed initiative that allows borrowers to secure a mortgage with only a 5% deposit.
This scheme is available to both first-time buyers and home movers in Birmingham, making mortgages more affordable for a broader range of individuals.
Since its inception in January 2021, the scheme has enabled thousands of people to achieve homeownership.
To begin, you will need a 5% deposit based on the property’s value. For instance, a property priced at £200,000 would require a £10,000 deposit.
Once you have this deposit, you can apply for the scheme through your bank or a mortgage broker in Birmingham.
At Birminghammoneyman, we have access to thousands of mortgage deals, not just in-house products, to help you find a 95% LTV mortgage that saves you money.
To qualify for the Mortgage Guarantee Scheme, you must meet specific criteria:
For more information on your eligibility, please get in touch with our mortgage advisors in Birmingham.
Applying for the Mortgage Guarantee Scheme in Birmingham is a straightforward process. Follow these steps to get started:
Just like a traditional mortgage, the Mortgage Guarantee Scheme process can take anywhere from 3-9 months to complete. Using a mortgage broker in Birmingham can significantly speed up your process as they handle all the paperwork, ensuring a stress-free experience.
The Mortgage Guarantee Scheme in Birmingham allows you to borrow 95% of the property’s value. This means you will take out a 95% LTV mortgage after providing your 5% deposit.
You still need to find a mortgage product that matches the property you’re looking to buy. A mortgage broker in Birmingham can potentially help you save money on your mortgage repayments.
The Mortgage Guarantee Scheme in Birmingham can help you achieve homeownership much quicker. Saving for a 10% deposit can be challenging, but with this scheme, buying a new property becomes more realistic and attainable.
With the Mortgage Guarantee Scheme in Birmingham, you may be eligible for a mortgage with just a 5% deposit via a 95% LTV mortgage. However, you must first qualify for the scheme.
It’s key to review the scheme’s criteria before applying. For Mortgage Guarantee Scheme advice in Birmingham, speak with one of our mortgage advisors and book your free appointment today.
The scheme enables lenders in Birmingham to purchase a guarantee on the mortgage, allowing them to recover their money in the event of repossession. The guarantee covers up to 80% of the property’s purchase value, addressing 95% of the net losses within this portion.
Consequently, the lender is responsible for 5% of the losses covered by the guarantee. This arrangement ensures that the lender retains a stake in every loan, maintaining a degree of risk and encouraging prudent lending practices.
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4.99 Rating78 Reviews
Keith
You have given a very good act of yourself and very recommended by my shelf k gurney
1 day ago
Tayla-Leigh
The service that we received from Wayne and the team at UKMoneyMan was amazing. A straightforward and easy process. We highly recommend MoneyMan, especially to those that are first time buyers, everyone was so knowledgable and helpful. Friendly...
3 weeks ago
Harry
everyone from the money man uk team was a delight to work with, they made it all easy and stress free time for us and gave us all the support we needed. they was a pleasure to work with we will recommend them to family and friends and any future...
3 weeks ago
Anonymous
Dan was very helpful and knowledgeable and dealt with our mortgage quickly and efficiently.
1 month ago
Philip
Dan and Jonathan were very helpful and explained everything in detail. We were able to then make an informed decision on our lifetime mortgage.
3 months ago
Philip
Dan and Jonathen explained everything in a clear and concise manner and were quick to address any concerns. All in all it has been a straightforward experience.
3 months ago
Anonymous
Great brokers, very helpful and efficient.
7 months ago
Charlotte
Fantastic! So quick and efficient and answered all of my questions! Jason and Jo were great, i couldn’t recommend them more! As first time buyers it was an overwhelming process but they made each step so easy! We would certainly recommend!
7 months ago
Rasna
Dinah and Stacey, both have been amazing dealing with my mortgage. I can’t recommend them enough, Dinah has been helpful and has gone above and beyond to get the support/advice I need. I’ve had to change my property and both Dinah and Stacey...
9 months ago
James
Jason and his colleagues at UK Moneyman have been amazing from the start. When we began the process of house buying and finding a mortgage we knew very little, but Jason explained much to us in a telephone consultation and outlined all our options....
1 year ago
Samantha
Very impressed, service was really good and efficient and anything g that needed explaining was done very clear. Would definitely recommend
1 year ago
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
1 year ago
Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
1 year ago
Anonymous
Incredibly helpful, supported throughout whole process
1 year ago
Nazeef
Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
1 year ago
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
1 year ago
Rosie
Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process. They even...
1 year ago
Sophie
Tom and Meghan were brilliant throughout the entire process! Both were friendly and knowledgeable and explained everything to us clearly and answered our countless questions and gave us clarification where we needed it. Both were easy to contact and...
1 year ago
Esme
Super helpful, made the whole process really easy and explained everything as we went along. Pretty good at keeping in contact, keeping us up to date and explaining the choices we had and then giving us the time to discuss and make those decisions.
2 years ago
Sheikh
I must say I am very pleased with the service I recieved from Moneyman, they set up regular calls and kept us updated throughout the checking progress. Fairly priced fees and very knowledgeable! I would highly recommend their services
2 years ago
Let's address the challenges you're facing and your aspirations with a trusted mortgage advisor in Birmingham.
During your free mortgage appointment, share details about your income and expenses to determine your affordability.
While certain circumstances may limit your options, we meticulously sift through thousands of deals to find the optimal solution for you.
Our next step involves obtaining an agreement in principle, bolstering any purchase offers you make.
Once you accept a purchase offer, your dedicated mortgage advisor in Birmingham will submit your full mortgage application alongside the necessary documents.
Expect regular updates from your case manager until you receive your mortgage offer and finalise your purchase.
Our service surpasses securing the best deal; we provide guidance on relevant insurance policies to protect you and your family financially.
When it's time for your mortgage renewal, we'll proactively reach out to ensure you remain on the most advantageous terms.
Renowned for our expert, swift, and personable mortgage advice in Birmingham, we're committed to guiding you throughout the mortgage journey.
Don't hesitate; schedule your free initial mortgage appointment with our expert advisor today.
We're here to address all your queries throughout the process, striving to fulfil your mortgage needs with our high-quality advice in Birmingham.
Our aim is for you to secure a mortgage deal that aligns with your personal and financial circumstances.
With two decades of accumulated knowledge and experience, our trusted team of mortgage advisors in Birmingham recommends the most suitable mortgage deals tailored to your current situation.
Concerned about your credit score? Obtain an up-to-date credit report before your appointment to enhance our understanding of your situation and available deals.
Our dedicated mortgage advice in Birmingham prioritises delivering the best service possible, ensuring you're well-informed and receiving responsive, tailored assistance throughout the mortgage process.
The Shared Ownership Scheme in Birmingham offers a pathway to homeownership by allowing borrowers to purchase a share of a property and pay rent on the remaining portion. Typically, borrowers begin with an initial share ranging from 10% to 50% of the property's value. Over time, some homeowners opt to increase their share, eventually attaining full ownership of the property.
Forces Help to Buy in Birmingham, is a government initiative aimed at supporting current and former members of the armed forces in buying a property. Under this scheme, servicemen and servicewomen can borrow up to 50% of their salary interest-free, which serves as their deposit for purchasing a home.
The Lifetime ISA, available in Birmingham, serves as a savings account specifically designed to help individuals save for their mortgage deposit. Here's how it works: for every savings contribution made by the account holder, the government provides a 25% top-up. With an annual savings cap of £4,000, one could receive a maximum government bonus of £1,000 towards their deposit. This leaves the account holder with £5,000 towards their mortgage deposit.
Right to Buy in Birmingham presents an opportunity for council tenants to purchase their council house, often without requiring a deposit. However, it's important to note that this scheme entails stringent lending criteria. Therefore, it is advisable to seek advice from a mortgage advisor in Birmingham to navigate through the process smoothly.
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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