More Positive News on the way for Home Buyers planning to get on the property ladder!

The Governments initiation of introducing low deposit mortgage guarantee schemes starting from April 2021 means that the homebuyers will be able to obtain 95% mortgage for properties of up to £600,000

Saving a large deposit can be very difficult, especially with living expenses and the added stress of the pandemic, so this is great news for buyers because Low deposit mortgages were very sparse, if not completely unavailable.

Whilst the opportunity to get onto the property ladder is now in sight to those who were struggling to save large deposits, it is important to research you own circumstances and check that you are mortgage ready.

Monthly mortgage payments should be met comfortably by taking into account other living expenses and each lender will have their different criteria around annual salary, expenditure, current or previous debt. Poor credit rating is likely to impact the eligibility for this scheme.

Make sure you consult experts to help with reviewing your individual circumstances and advice you on the right mortgage for your situation because mortgages are not one size fit for all neither are your circumstances with others.

Other costs must be considered such as legal fees, survey fees, lenders own arrangement fees and advice fees of which indicatives can be provided to you by your specialist mortgage advisor.

To discuss your individual requirements please call us on 01483592743 or 07834173731 Alternatively please send us an email at info@themortgagechoice.co.uk

Your home may be repossessed if you do not keep up repayments on your mortgage

Image Credit: Photo by Mert Guller on Unsplash

Information sourced & for full article please visit Property Reporter

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