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Mortgage Guarantee Scheme – Open Market

In March 2021, the government announced a new scheme to to help first-time buyers and existing homeowners to purchase any property under £600,000, be it a new build or pre-owned home, with as little as a 5% deposit. The scheme opens in April 2021 and full details are awaited.

For applicants using the scheme there will be little difference to applying for a standard mortgage. The scheme is intended to increase the availability of mortgages at competitive interest rates for buyers who have a minimum of 5% deposit. The government make this possible by guaranteeing repayment of the mortgage to the lender

The administration regarding this is dealt with behind the scenes by participating lenders. As such, there should be no additional paperwork to complete or second charges for the buyer to worry about.

How it works

  • Opens in April 2021
  • Available to both existing homeowners and first-time buyers
  • Buyers need a minimum of a 5% deposit
  • Available on all previously owned and new build properties up to the value of £600,000
  • Must be your only property
  • Available for properties in the UK
  • Borrowing can only be done with a participating mortgage lender


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

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