Government Schemes for First Time Buyers
Mortgage Indemnity Guarantee Scheme
Launched March 12th 2012, the NewBuy mortgage indemnity guarantee scheme assists buyers who have a deposit of at least 5 per cent to
buy a new build home. This is a smaller deposit than is normally required. The
scheme will allow more borrowers to secure up to a 95 per cent Loan to Value
mortgage on new build properties (houses and flats) from participating builders
in England.
The initiative was developed
jointly by the Home Builders Federation and Council of Mortgage Lenders. The
Government is backing the scheme to help those home buyers who have found
themselves excluded from sections of the market because they don't have a large
enough deposit.
NewBuy is expected to assist up to 100,000 households in buying a new home.
All mortgage lenders and house builders operating in England are welcome to join
the scheme; that includes lenders and builders who are not members of the
Council of Mortgage Lenders or the Home Builders Federation.
We can also help you by putting you in touch with a specialist
first time buyer mortgage advisor.