What is the Government-backed 95% mortgage guarantee scheme

The Coronavirus (COVID-19) pandemic led to the virtual disappearance of mortgages that only required a 5% deposit. But the Chancellor, Rishi Sunak, announced on 3 March 2021 a new initiative during his Budget 2021 speech. It’s being referred to as the Government-backed 95% mortgage guarantee scheme

The government-backed mortgage guarantee scheme is open to first-time buyers and home movers across the UK and is aimed at encouraging banks and building societies to offer 95% loan-to- value (LTV) mortgages again.

The announcement is tremendous news for first-time buyers looking to get on the property ladder at a time when, for many, owning a home may seem an impossible dream as they would otherwise not be able to find a large deposit to secure a mortgage deal.

GETTING ON THE HOUSING LADDER

The announcement aims to stimulate the housing market and get more people onto the housing ladder. The Chancellor said there was good evidence that ‘this will help those that are getting on the housing ladder disproportionately to other home movers.’

He said: ‘We know from the previous time we did it, it helped 100,000 people buy a home and the average value of a home bought under the scheme was £160,000, compared to the average price of a home which at that time was more like £225,000.

‘And 80% were first-time buyers, so it feels like it is a policy that is quite well targeted to help people get on the housing ladder.’

GUARANTEE TO LENDERS ACROSS THE UK

The government introduced the scheme for new mortgage applications which commenced from April and provides a guarantee to lenders across the UK that offer mortgages to people with a deposit of five per cent on homes with a value of up to £600,000.

This scheme is for any ‘creditworthy’ household struggling to save for a higher deposit. These will be standard residential mortgages – so no second homes or buy- to-lets.

If the borrower gets into financial difficulty and their property is repossessed, the government will cover that element of the lender’s losses. The scheme opened for new mortgage applications from April and will be open to new applications until December 2022.

Several of the country’s largest lenders, including Lloyds, NatWest, Santander, Barclays and HSBC, are offering these 95% mortgages, with others to follow shortly after. The mortgages must be on a repayment basis, not interest-only. And borrowers will need to be credit checked and meet the standard rules on affordability.

All lenders under the scheme will also offer mortgages fixed for at least five years, providing options for buyers with smaller deposits who want the security and predictability of a mortgage with a fixed rate over a longer term.

[click_to_tweet tweet=”“The government-backed mortgage guarantee scheme is open to first-time buyers and home movers across the UK.” Learn more in the @Yes_Mortgages blog on the subject https://yesmortgageservices.co.uk/mortgage-guarantee-scheme/” quote=”“The government-backed mortgage guarantee scheme is open to first-time buyers and home movers across the UK.””]

Eligible mortgages guaranteed under the scheme will need to:

  • be a residential mortgage (not second homes) and not buy-to-let
  • be taken out by an individual or individuals rather than an incorporated company
  • be on a property in the UK with purchase value of £600,000 or less
  • have a loan-to-value (LTV) of between 91% and 95% of the value of the property • be originated between the dates specified by the scheme
  • be a repayment mortgage and not interest-only
  • meet standard requirements in terms of the assessment of the borrower’s ability to pay the mortgage, for example, a loan- to-income and credit score test

LIFELINE FOR FIRST-TIME BUYERS

Thanks to soaring house prices and tighter rules on mortgage approvals, the first rung of that famous property ladder can be very hard to reach. So the new government backed mortgage guarantee scheme will be a lifeline for those first-time buyers trying to get on the housing ladder.

Are you ready to buy a property? You’ve dreamed of owning a home for as long as you can remember, or maybe you’re looking to move to another property. Now the new government-backed mortgage guarantee scheme could make it a reality. To discuss your options and get an estimate on how much you can borrow, maybe getting a Decision In Principle to help you know the amount you could borrow, why not book a no obligation discussion with a member of our team. We do not charge you a broker fee and so it’s in our best interest to help you obtain the most suitable mortgage for your needs and personal situation.

Our Score
Our Reader Score
[Total: 0 Average: 0]

At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

Yes Mortgage Services

Contact Us

YES Mortgage Services Limited
The Old Barn
Brooklands Farm
Mannington
Wimborne
BH21 7JU

Hours
Monday – Friday 0900 – 1700

Contacts
0800 612 5596
[email protected]

We don’t charge a broker fee

We are on Instagram
Our friendly mortgage advisors are here to help. We have access to a comprehensive panel of lenders to ensure we research the most suitable mortgage solution for your needs. And the best bit? We don't charge a broker fee!⁣
⁣
Tap the link in our bio to learn more, or call us on 0800 612 5596 to arrange a chat. ⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#hampshirelife  #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome

Our friendly mortgage advisors are here to help. We have access to a comprehensive panel of lenders to ensure we research the most suitable mortgage solution for your needs. And the best bit? We don`t charge a broker fee!⁣

Tap the link in our bio to learn more, or call us on 0800 612 5596 to arrange a chat. ⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#hampshirelife #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome
...

0 0
Buying your first home can feel a little daunting and maybe even a bit scary at times. ⁣
⁣
But we're here to guide you every step of the way so you can feel comfortable and confident throughout the entire process 🙌⁣
⁣
Our free expert advice covers everything from saving for your deposit, getting your credit score healthy and your finances ready, right through to choosing the right building surveys and solicitors.⁣
⁣
We'll cut through the jargon, talk through all of your questions (there's no such thing as a silly question in our minds), and guide you through finding the most suitable mortgage for your circumstances 🏡⁣
⁣
The best bit is we don't charge a broker fee! - send us a message or give us a call on 0800 612 5596.⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips

Buying your first home can feel a little daunting and maybe even a bit scary at times. ⁣

But we`re here to guide you every step of the way so you can feel comfortable and confident throughout the entire process 🙌⁣

Our free expert advice covers everything from saving for your deposit, getting your credit score healthy and your finances ready, right through to choosing the right building surveys and solicitors.⁣

We`ll cut through the jargon, talk through all of your questions (there`s no such thing as a silly question in our minds), and guide you through finding the most suitable mortgage for your circumstances 🏡⁣

The best bit is we don`t charge a broker fee! - send us a message or give us a call on 0800 612 5596.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips
...

1 0
Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness #ukpropertymarket

Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness #ukpropertymarket
...

2 0
More and more investors are buying properties within a Limited Company to keep things tax efficient. ⁣
⁣
But when it comes to refinancing or purchasing your new investment property, the process of getting a mortgage can feel challenging.⁣
⁣
Not anymore!⁣
⁣
Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They'll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish. ⁣
⁣
Visit our website to learn more (🔗 in bio)⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
Before pursuing Limited Company Buy To Let we recommend you seek advice from a tax expert⁣
⁣
...⁣
⁣
#limitedcompanybuytolet #ukpropertyinvestors #ukpropertyinvestor #landlordsuk #landlordsecrets #investmentproperty #ukpropertyinvesting

More and more investors are buying properties within a Limited Company to keep things tax efficient. ⁣

But when it comes to refinancing or purchasing your new investment property, the process of getting a mortgage can feel challenging.⁣

Not anymore!⁣

Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They`ll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish. ⁣

Visit our website to learn more (🔗 in bio)⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

Before pursuing Limited Company Buy To Let we recommend you seek advice from a tax expert⁣

...⁣

#limitedcompanybuytolet #ukpropertyinvestors #ukpropertyinvestor #landlordsuk #landlordsecrets #investmentproperty #ukpropertyinvesting
...

1 0
We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣
⁣
That's why we don't charge a broker fee 🤩⁣
⁣
We'll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you're remortgaging, moving home, or making any subsequent property purchase, we've got you covered.⁣
⁣
Visit our website (🔗 in bio) to learn more.⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣

That`s why we don`t charge a broker fee 🤩⁣

We`ll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you`re remortgaging, moving home, or making any subsequent property purchase, we`ve got you covered.⁣

Visit our website (🔗 in bio) to learn more.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

2 0
Being self-employed has its perks, but when it comes to getting a mortgage, things can get a little tricky. But you don't have to navigate this process alone.⁣
⁣
We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣
⁣
And the best bit? We don't charge a broker fee 🤩⁣
⁣
If you'd like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage.  Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#selfemployedmortgage #selfemployedmortgages #selfemployed #dorsetbusiness #bournemouthbusiness

Being self-employed has its perks, but when it comes to getting a mortgage, things can get a little tricky. But you don`t have to navigate this process alone.⁣

We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣

And the best bit? We don`t charge a broker fee 🤩⁣

If you`d like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#selfemployedmortgage #selfemployedmortgages #selfemployed #dorsetbusiness #bournemouthbusiness
...

3 0
A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣
⁣
If you'd like to chat with one of our advisors about Joint Borrower Sole Proprietor Mortgages or buying your first home, give us a call on 0800 612 5596 or send us a DM⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage

A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣

If you`d like to chat with one of our advisors about Joint Borrower Sole Proprietor Mortgages or buying your first home, give us a call on 0800 612 5596 or send us a DM⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage
...

2 0
Life throws curveballs, don't let a leaky roof be one! Building insurance provides peace of mind knowing your home's structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣
⁣
Get in touch on 0800 612 5596 or tap the link in our bio.⁣
⁣
...⁣
⁣
#buildingsinsurance #protectyourhome #dorsetlife #insurancebrokers #insuranceadvisor #dorsetbusinessowners

Life throws curveballs, don`t let a leaky roof be one! Building insurance provides peace of mind knowing your home`s structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣

Get in touch on 0800 612 5596 or tap the link in our bio.⁣

...⁣

#buildingsinsurance #protectyourhome #dorsetlife #insurancebrokers #insuranceadvisor #dorsetbusinessowners
...

1 0
Connor joined our team back in July 2017!  He's lived all around the Southwest, from Cornwall to Bristol, and now he's found his sweet spot in Wellington, Somerset—right between the two!⁣
⁣
When he's not crunching numbers, you'll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣
⁣
All of our mortgage advisors (Connor included) are ready to help you whether you're looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don't charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣
⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#ukmortgage #mortgagesuk #wellingtonsomerset  #mortgageexperts #westcountry

Connor joined our team back in July 2017! He`s lived all around the Southwest, from Cornwall to Bristol, and now he`s found his sweet spot in Wellington, Somerset—right between the two!⁣

When he`s not crunching numbers, you`ll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣

All of our mortgage advisors (Connor included) are ready to help you whether you`re looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don`t charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣


...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry
...

4 0
We're flying the flag for Somerset! ⁣
⁣
With a team spread across the Southwest, we're proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who's lucky enough to live there.⁣
⁣
Let's have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣
⁣
⁣
...⁣
⁣
#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday

We`re flying the flag for Somerset! ⁣

With a team spread across the Southwest, we`re proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who`s lucky enough to live there.⁣

Let`s have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣


...⁣

#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday
...

4 0