How to apply for government Mortgage Guarantee Scheme in Liverpool?

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 91-95% loan-to-value mortgage through the scheme.

How much can I borrow with the Mortgage Guarantee Scheme in Liverpool?

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.

Are there other schemes to help me get a mortgage in Liverpool?

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 most suitable fit for your circumstances.

Mortgage Guarantee Scheme in Liverpool

What is the Mortgage Guarantee Scheme in Liverpool?

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 5-9% 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 91-95% loan-to-value (LTV) mortgages, allowing more buyers to step up the property ladder.

How does the Mortgage Guarantee Scheme in Liverpool work?

This scheme enables buyers in Liverpool to access a 91-95% LTV mortgage. The government provides lenders with a guarantee, encouraging them to offer loans to buyers who have saved a smaller deposit.

For example, if you have managed to save a 5-9% 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.

Mortgage Guarantee Scheme Eligibility

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 5-9%.

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.

Speak to an Advisor

Important information

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

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.

Mortgage Guarantee Scheme in Liverpool FAQs

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Our Simple Step by Step Process

Free Initial Mortgage Appointment

Book a free initial 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.

Search 1000s of Mortgage Deals

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 most suitable rates.

Submit Your Application

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.

Completion

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.

Reasons to Choose Us

Free Initial Mortgage Appointment

We offer a free initial 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.

1000's of Deals

With access to thousands of mortgage deals, including those participating in the Mortgage Guarantee Scheme, we work to find the most suitable rates tailored to your needs.

Our wide range of options means you’re more likely to secure a deal that suits your circumstances.