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Mortgage Guarantee Scheme in Liverpool

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Mortgage Guarantee Scheme in Liverpool

Learn how the Mortgage Guarantee Scheme in Liverpool can help you get on the property ladder.

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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% 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.

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Mortgage Guarantee Scheme in Liverpool

How does the Mortgage Guarantee Scheme in Liverpool work?

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.

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%.

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.

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Mortgage Guarantee Scheme in Liverpool FAQs

How to apply for government Mortgage Guarantee Scheme in Liverpool?

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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.

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

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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?

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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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Our Simple Step by Step Process

Free Mortgage Appointment

Step 1

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.

Search 1000s of Mortgage Deals

Step 2

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.

Submit Your Application

Step 3

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

Step 4

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 Mortgage Appointment

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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.

1000's of Deals

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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.

Our Service

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Liverpool

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More Mortgage Guarantee Scheme in Liverpool FAQs

Can I use the Mortgage Guarantee Scheme in Liverpool for a new-build property?

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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.

Do I need to be a first time buyer to use the Mortgage Guarantee Scheme in Liverpool?

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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.

Are there any fees associated with the Mortgage Guarantee Scheme in Liverpool?

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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.

Can I use the scheme if I have bad credit in Liverpool?

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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.

How long will it take to get a mortgage through the scheme in Liverpool?

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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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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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