Mortgage Schemes
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Mortgage Schemes
For first time buyers
There are government and housebuilder backed schemes available to help first time buyers step onto the property ladder. These include Mortgage Guarantee schemes alongside Shared Ownership options.
These can change and are sometimes only available in specific areas and may even be subject to your circumstances, our Advisers will be able to help you understand which option is best for you.
With our experience, knowledge and access to thousands of mortgage products and a wide range of specialist lenders you can also trust us to find the best value mortgage deal available for your circumstances.
Call us today to find out more
Green Mortgages
A green mortgage specifically targets “green” energy efficient homes.
The incentive for buying a “green” property is some lenders view this as a positive step and can mean you have access to a preferential mortgage borrowing rate. An energy efficient home can also mean reduced running costs . Terms and conditions apply.
The incentive for buying a “green” property is some lenders view this as a positive step and can mean you have access to a preferential mortgage borrowing rate. An energy efficient home can also mean reduced running costs . Terms and conditions apply.
Climate change is a real issue and this has not been lost on the housebuilding industry, who are always looking to make new build homes more energy efficient.
95% Mortgage Guarantee
This scheme is available to first time buyers and current homeowners, enabling them to secure a mortgage with a 5% deposit on a house up to the value of £600,000. This scheme is available to new builds and second hand properties. Under this new scheme, the government guarantees the last proportion of the mortgage over 80%.
Meaning on a 95% mortgage, the government guarantees the last 15% of the mortgage so they will compensate your lender should the mortgage fall into arrears.
Deposit Unlock
Deposit Unlock is a new scheme to help buyers, both first time and home movers, to buy a new build home with only a small deposit.
There are a number of Housebuilders participating and a limited number of participating mortgage lenders (currently Newcastle Building Society, Accord and Nationwide).
There are a number of Housebuilders participating and a limited number of participating mortgage lenders (currently Newcastle Building Society, Accord and Nationwide).
The scheme is aimed at helping buyers to purchase a new build home with a small deposit gives you access to additional 95% mortgages on new build properties.
It “replaces” the Help to Buy scheme that will come to an end in 2023, which allows first time buyers to purchase a new build home with a 5% deposit.
Low-cost Initiative for First Time Buyers (LIFT)
The LIFT scheme aims to help those people on low to moderate incomes, who can demonstrate they can’t buy a new build house or purchase an affordable new build home from a council or housing association, without help.
Although buyers will own the property outright, the shared equity interest in the purchase will be covered by a standard security on their property.
Applicants fund the majority share of their purchase and own the property outright, with the Scottish Government retaining the remaining share of the property under a shared equity agreement.
For example, the buyer pays for 70% of their new home, the Scottish Government will then pay for and hold 30% of the share in the property, with the opportunity to increase their share in the future.
