Contact us
Hamilton Piers
7 The Square
Great Notley
CM77 7WT
Tel: 01376 341141
Email: notley@hamiltonpiers.co.uk
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.
Contact us
Hamilton Piers
7 The Square
Great Notley
CM77 7WT
Tel: 01376 341141
Email: notley@hamiltonpiers.co.uk
Chelmsford Property Centre
4 Torquay Road
Springfield
Chelmsford CM1 6NF
Tel: 01245 269777
Email: chelmsford@hamiltonpiers.co.uk
The Old Post Office
1-3 The Street
Hatfield Peverel
Essex CM3 2DL
Tel: 01245 381 416
Email: hatpev@hamiltonpiers.co.uk
Prestige Homes
7 The Square
Great Notley
CM77 7WT
Tel: 01245 956622
Email: prestigehomes@hamiltonpiers.co.uk
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Hamilton Piers (Great Notley) is a trading style of Feldon Associates Ltd Registered in England no. 03527791 Hamilton Piers (Chelmsford) is a trading style of Clearline Associates Ltd. Registered in England no. 09042397 Hamilton Piers (Mid Essex) is a trading style of Homeview Ltd Registered in England no. 10623276