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Which lenders are offering Government-backed 5% deposit mortgages - and what are the rates and fees?
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15
th April 2021 2:29 pm
Halifax has revealed it will be launching its 95 per cent LTV deals on Monday with help from the government’s Mortgage Guarantee Scheme.
The lender has just shared details of the rates and says that borrowers will need an “enhanced credit score” to qualify.
It will be offering a two-year fixed at 3.73 per cent with a £999 fee or at 4 per cent with no fee.
Alternatively, borrowers can fix for five years at 4 per cent with a £999 fee or at 4.2 per cent with no fee.
As well as launching new deals for borrowers with a 5 per cent deposit, Halifax is cutting a number of rates for first-time buyers and home movers with large deposits by up to 35 basis points.
Editor’s note: Finding peace to match the pace
By Rebekah Commane 7
th April 2021 4:29 pm
And… breathe. It’s been a long 12 months but there’s a definite sense that we’re nearing the end of an incredibly difficult time, for us individually and for the world at large.
The sun is out (occasionally), daffodils are blooming, and a large percentage of the UK population has been vaccinated against the virus that turned all our lives upside down. We have weathered the worst of this storm and now we can begin to cherish the small things we used to take for granted. As the adage goes, ‘Unless you have bad times, you can’t appreciate the good.’ Hopefully you managed to take a break over Easter to recalibrate your mind; we badly need it these days.
Rishi Sunak is grilled at a post-Budget press conference (Image: GETTY)
“If they cannot pay and dump the house back on the bank, they don’t have the loan follow them as it would in many countries.”
However, not everybody was a winner, Mr Lyddon warned.
The Mortgage Guarantee of 95 percent of Loan-to-Value (LTV) meant the State would guarantee to private lenders the repayment of the entire loan and interest.
Budget 2021 in summary (Image: Express)
He explained: “If the price goes to 130 percent of the initial LTV, the buyer gets the entire 30 percent.
“If the LTV goes to 70 percent, the buyer can walk away losing their five percent
How much you will need to save to buy your first home
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