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The Mortgage Guarantee Scheme in Liverpool is a government-backed initiative aimed at helping buyers with smaller deposits secure a mortgage.
It allows potential homeowners in Liverpool to purchase a property with just a 5% deposit, making it a suitable option for many first time buyers and those looking to step back onto the property ladder.
The scheme gives lenders a government guarantee, encouraging them to offer 95% loan-to-value (LTV) mortgages, allowing more buyers to step up the property ladder.
This scheme enables buyers in Liverpool to access a 95% LTV mortgage. The government provides lenders with a guarantee on a portion of the mortgage, encouraging them to offer loans to buyers who have saved a smaller deposit.
For example, if you have managed to save a 5% deposit, the scheme allows you to borrow the remaining 95% of the property’s value.
This initiative is designed to boost homeownership and make the process more accessible for those in Liverpool who may otherwise struggle to save a larger deposit.
To be eligible for the Mortgage Guarantee Scheme in Liverpool, you must be purchasing a property to live in, not a second home or buy to let.
The scheme applies to properties valued up to £600,000, and you’ll need a deposit of at least 5%.
Both first time buyers in Liverpool and existing homeowners can apply. It’s important to note that not all lenders participate in the scheme, so seeking guidance from a mortgage advisor can help you find the most suitable deal.
To apply for the Mortgage Guarantee Scheme in Liverpool, you first need to find a lender participating in the scheme; something our mortgage advisors in Liverpool can help with.
The next step is to speak with a mortgage advisor in Liverpool to assess your financial situation and determine your affordability. They will help you prepare the necessary documents, such as proof of income, bank statements, and a deposit.
Once these details are in place, your mortgage advisor in Liverpool will guide you through the application process, finding the most suitable lender and helping you secure a 95% loan-to-value mortgage through the scheme.
The amount you can borrow under the Mortgage Guarantee Scheme in Liverpool typically depends on your income, outgoings, and overall affordability.
Lenders will generally allow you to borrow up to 4.5 times your annual income, but this can vary based on your financial situation and credit history.
With the scheme, you can secure a mortgage with just a 5% deposit on properties valued up to £600,000. Your mortgage broker in Liverpool can provide a more personalised estimate, taking into account your individual circumstances to help you understand how much you might be able to borrow.
Yes, several other schemes can help you get a mortgage in Liverpool.
One option is a Shared Ownership Mortgage in Liverpool, which allows you to buy a share of a property (usually between 25% and 75%) and pay rent on the remaining portion.
This can make stepping onto the property ladder more affordable. Another option is the right to buy scheme, available to eligible council tenants, offering the chance to purchase their council home at a discounted price.
Additionally, the Lifetime ISA offers a government bonus to help first time buyers save for a deposit. Speaking with a mortgage advisor in Liverpool can give you more insight into these schemes and help you find the best fit for your circumstances.
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Anonymous
Very patient crew although we showered them with a lot of questions and frequently asked for updates
1 month ago
Ryan
Would highly recommend done all the leg work thank you Charlie/Jo and the ukmoneyman team
1 month ago
Nicholas
Really good and very helpful
2 months ago
Agnes
Johnathan went above and beyond to help me especially in the last few weeks of the process. I would highly recommend Liverpoolmoneyman-Mortgage Brokers, he definitely went the extra mile for me . Thank you Johnathan.
2 months ago
Marie
From start to completion a most positive experience. The initial advice from Dan and his courteous manner and patience throughout our dealings was exceptional. We were kept informed at every stage of proceedings by himself and Jonathan which...
2 months ago
Jake
Very impressed with the service from Jason! Always there to answer any questions and went above and beyond what we expected! Broke down all the details and technical information to a very easy to understand level, and made the process very simple....
3 months ago
Rebecca
Would highly recommend and would definitely use again! Chris was so helpful with all of our (many questions) and made us feel at ease through the whole process!
3 months ago
Zac
Matt and the team were super attentive throughout, guided me and provided great advice. Very easy to converse with and always ready to help
4 months ago
Paula
Daniel was very helpful. Explained things clearly and new mortgage sorted quickly.
4 months ago
Emma
Amazing. Was really nervous as a FTB but Wayne and Stacey were great and made the whole process really easy. Absolutely recommend.
5 months ago
Nerys
Highly recommend Liverpoolmoneyman , made the mortgage application a smooth process from beginning through to completion. Answered queries, phone calls and emails , and explained every step of the process. A special thank you to Dan who supported...
5 months ago
Nerys
Brilliant experience , highly recommend Liverpoolmoneyman if you are looking to remortgage or seeking advice with no applied pressure.A special thank you to Dan and Jonathan for making our mortgage application go through with ease , they supported...
5 months ago
Clare
Matt our Mortgage Advisor has been super helpful! Me and my partner are First Time Buyers and the help and support Matt and his Team have given us has been fantastic. They are also super responsive! Not only have we secured a mortgage...
6 months ago
Meg
Charlie and the team were fantastic at organising our mortgage, and so quick! He was on hand over WhatsApp to answer any questions we had and kept us updated all the way. Would highly recommend.
6 months ago
Rebekah
Everyone has been super helpful. Matt has been amazing with everything and has really helped us with everything we have needed.
6 months ago
Marc
Jason and the team have been so helpful through the process, answered all questions I had and kept me informed through the whole process. Highly recommend you won’t be disappointed.
7 months ago
Anonymous
When dealing with Liverpool Moneyman their agent Jonathan has been most helpful, polite and a pleasure to deal with.I would recommend them for any mortgage related transactions.
7 months ago
Dominic
Excellent service and communication throughout the whole processes
8 months ago
Vivienne
Absolutely excellent! Matt Collinson and Lizzi Roscoe were great! They helped us secure a mortgage in just a few days and were very supportive throughout the process! Can't recommend them enough
8 months ago
Benjamin
10/10 service. The team at moneyman, specifically Charlie and Stacey, provided great support and communication throughout the whole process. The team constantly kept in touch and were patient with my questions and circumstances. Also, the team...
8 months ago
Book a free appointment with our mortgage advisors in Liverpool to discuss your eligibility for the Mortgage Guarantee Scheme.
We’ll review your financial situation and answer any questions you have about the process.
We’ll compare thousands of mortgage deals from various lenders, including those participating in the scheme, to find the most suitable one for your needs.
This ensures you get the best possible rates.
Once we’ve selected the right deal, we’ll handle and submit your application, managing the paperwork and keeping you updated every step of the way.
After approval, the funds are released, and you’re ready to move into your new home in Liverpool.
We’ll be here to support you right up to getting your keys.
We offer a free mortgage appointment to discuss your options under the Mortgage Guarantee Scheme in Liverpool.
Our mortgage advisors in Liverpool will provide personalised advice based on your financial situation, ensuring you have all the information you need to move forward.
With access to thousands of mortgage deals, including those participating in the Mortgage Guarantee Scheme, we work to find the best rates tailored to your needs.
Our wide range of options means you’re more likely to secure a deal that suits your circumstances.
We take pride in offering a friendly, straightforward service, guiding you through every step of the mortgage process.
From initial enquiry to completion, we handle the paperwork and liaise with lenders to make your experience as smooth as possible.
Our team is available 7 days a week to answer your questions and support you through your mortgage journey.
We work around your schedule, ensuring you get the help you need when it’s most convenient for you.
Yes, the scheme can be used for both new-build and existing properties in Liverpool.
The key requirement is that the property is valued at £600,000 or less and is for residential use.
No, the scheme is open to both first time buyers and existing homeowners looking to move.
As long as you meet the criteria and the property is for residential purposes, you can apply.
While the scheme itself does not charge a fee, the mortgage lender may have their own fees, such as arrangement fees or valuation costs.
Your mortgage broker in Liverpool will explain any costs involved during the application process.
Eligibility for the scheme will depend on your credit history and the lender’s criteria.
Some lenders may be more flexible; it’s always best to get mortgage advice in Liverpool to make yourself aware of the options available to your specific situation.
The timeline can vary, but with our expert mortgage advisors in Liverpool managing your application, we aim to streamline the process.
On average, a mortgage application can take 4-6 weeks from start to completion, depending on the lender and your circumstances.
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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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