Contact Us
Sally Botham Estates
27 Bank Road
Matlock
DE4 3NF
01629 760899
enquiries@sallybotham.co.uk
London
Tel: 020 7318 7087
The part
of the Help to Buy scheme designed to help first-time buyers with only a 5%
deposit to put down has now finished, but there are still deals available to
help people with smaller deposits.
The
mortgage guarantee element of Help to Buy was originally set up to boost 95%
lending. As its name suggests, the scheme provided a government guarantee to
lenders prepared to lend up to 95% of the property value.
The
guarantee meant that the government would compensate lenders, to help reduce
their risk.
The
scheme proved successful, encouraging more lenders to offer mortgages to those
with only a 5% deposit to put down. Some lenders introduced 95% mortgages even
without the guarantee.
The
impact for first-time buyers has therefore been positive, and has given them
access to a much wider choice of 95% deals, with some major lenders maintaining
the rates they offer even now the scheme has ended.
Average
rates on 95% deals have also fallen, although buyers must meet affordability
criteria to qualify.
Those who
manage to save larger deposits will have far more mortgage options available to
them, but broadly it is a healthier market for homebuyers, whatever size
deposit they have.
Sally Botham Estates
27 Bank Road
Matlock
DE4 3NF
01629 760899
enquiries@sallybotham.co.uk
Tel: 020 7318 7087
As market leaders for over 22 years, we are proud to be one of Derbyshire's most trusted estate agents. With our expert advice, honest and ethical communication, and a professional yet personal service, we are ready and excited to help you with all your property needs.
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SALLY BOTHAM ESTATES LIMITED. Registered in England. Company No: 04884262. Registered Office Address: St Helen's House, King Street, Derby, DE1 3EE.