According to recent analysis, depending on where you live could see you reduce the time to save for a deposit by over two years should you take advantage of a 95% mortgage.
The government's new 95% mortgage guarantee scheme launches today, with a number of lenders including HSBC, Barclays, Santander, NatWest, and Lloyds now further supporting borrowers with smaller deposits.
The average price of a UK home jumped by 1.1% in March to a record high of £254,606 as government measures to support the market continued to drive interest from buyers.
No sign of the market cooling down just yet as newly released data reveals that homebuyer demand for conveyancing quotes was 101% higher at the end of March than the average for the same period during the last four years.
Driven by lockdowns and fuelled by recent government incentives, Rightmove has revealed that this is the strongest spring sellers’ market in the past decade.
Now is a unique time for first-time buyers hoping to get on the property ladder. The Governments introduction of their low deposit mortgage guarantee scheme means the Government will guarantee loans to buyers worth 95% of the price of a property, up to £600,000.
An extended stamp duty holiday and mortgage guarantee from the government has helped to boost homebuyer affordability. And with over 29% of all homes currently listed for sale dropping their prices, homebuyers could be quids in due to a hat-trick of savings.
The latest data and analysis from Halifax this morning has revealed that house prices, although still relatively strong, have softened slightly in February with a 0.1% dip against the previous month.
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