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The Mortgage Guarantee Scheme is a government-backed initiative designed to help potential homeowners secure a mortgage with just a 5% deposit. This scheme aims to make homeownership more accessible.
Introduced in January 2021, the scheme is open to both first time buyers and home movers in Manchester. By reducing the required deposit, it enhances mortgage affordability, making it easier for a broader range of people to step onto the property ladder or move to a new home.
The Mortgage Guarantee Scheme has assisted thousands of individuals in becoming homeowners in Manchester. This has provided a significant boost to the housing market, particularly benefiting those who may have struggled to save for a larger deposit.
The Mortgage Guarantee Scheme allows you to purchase a home with a 5% deposit, making homeownership more accessible. Here’s a breakdown of how the scheme works:
Firstly, you’ll need to save a deposit equivalent to 5% of the property’s value. For instance, if you’re looking at a property priced at £200,000, you would need a £10,000 deposit.
Once you have your 5% deposit, you can apply for a 95% loan-to-value (LTV) mortgage through the Mortgage Guarantee Scheme. This application can be made through your bank or a mortgage broker in Manchester.
To qualify for the Mortgage Guarantee Scheme in Manchester, applicants must meet specific criteria:
Meeting these requirements can help you take advantage of the scheme, making homeownership more attainable with a lower deposit.
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Very straightforward and clear, they made everything so simple for my first mortgage and the renewal was even easier.
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This team is fantastic! They handle everything, making the whole process incredibly easy and hassle-free. I highly recommend them!
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Michelle
I would high recommend this service they were amazing, and very professional. They were helpful throughout the whole process.
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Amazing service, extremely helpful and professional. Would highly recommend. Very happy with the service
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Mrs Vanessa
Brillant. Helped us with non-standard employment conditions and were very efficient at getting everything sorted. Also very easy to get hold of. We always use a paid broker, their fee is very reasonable for the efficiency and personal service you...
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Matthew
Can not speak highly enough of the people I have spoken to and the service I have received from the team. Charlie and Debbie are a credit. None patronising, easy to speak to, welcoming and very helpful. Will continue to recommend to friends.
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Ruth
Excellent experience with Matt and Stacey from UK moneyman. As first time buyers they made this experience easy and stress free. I'd really recommend using UK moneyman! 10/10!
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Christopher
Brilliant service. Knowledgeable & very professional.
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Mrs Claire
Very helpful got us a mortgage a lot sooner than we expected. Very happy
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john
Louise was absolutely outstanding !!! We had a few issues with the property we were purchasing and Louise was so helpful in getting us the answers we required from the lender within a timely manner. I spoke with Louise regularly and she was...
3 months ago
Jiri
Leo from Manchester Moneyman was very helpful and efficient in securing us a mortgage on much better terms than our bank could offer. Thank you!
5 months ago
Olusola
The process has been stress free from the start to the end. The team has been helpful. I will definitely recommend Manchester Moneyman to people.
5 months ago
John
We've used UK Moneyman for two house purchases and remortgaging our current home. The team are unfailingly professional and lovely to work with. I'd recommend them to anyone in need of an excellent mortgage broker.
5 months ago
Alanya-Lee
As first time buyers, we needed all the support and guidance we could get. Tom was fabulous, honest and genuinely had our best interest at heart. He answered all of my silly questions and was always a phone call away.
5 months ago
Chiara
Worked with Malcolm and Debbie! Couldn’t recommend them enough. Thankyou for all your help!
6 months ago
Marco
Leo went above and beyond to provide all the information and assistance I needed to secure my dream property. Very friendly and professional. Highly recommended!
6 months ago
Stephanie
Originally took mortgage out 5 years ago and have just re-mortgaged with them. As this was a product transfer and I was a returning customer this was a no charge for this service. Can’t ask for better than that. All paperwork done by them and I...
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Chris
Amazing service from start to finish!
7 months ago
Paul
Malcolm was very helpful and efficient.. definitely would recommend their services.
7 months ago
Amy
The whole team was super friendly and helpful, spent a lot of time navigating my challenging circumstances, and got me a better rate than I ever expected.
7 months ago
Applying for the government-backed Mortgage Guarantee Scheme in Manchester can be a straightforward process if you follow these steps:
By following these steps, you can take advantage of the Mortgage Guarantee Scheme, making your journey to homeownership in Manchester smoother and more achievable. For personalised assistance, reach out to our team at Manchestermoneyman, and let us help you secure the best mortgage deal for your needs.
The amount you can borrow with the Mortgage Guarantee Scheme in Manchester depends on your income and the lender’s criteria.
Usually, it is 4 to 4.5 times your annual income that you can borrow. For example, an income of £50,000 might allow borrowing between £200,000 and £225,000. Here you would need a 5% deposit, so a £10,000 deposit would be needed for a £200,000 property.
Our mortgage advisors in Manchester will help you understand your borrowing potential and find the best deals from thousands of options. Contact us to explore your options and move closer to owning your home in Manchester.
The Mortgage Guarantee Scheme helps by enabling buyers to secure a mortgage with just a 5% deposit, making homeownership more accessible.
It provides a government-backed guarantee to lenders, encouraging them to offer 95% loan-to-value (LTV) mortgages. This support is beneficial for both first time buyers in Manchester and those looking at moving home in Manchester, allowing a wider range of people to purchase a home.
Additionally, the scheme can lead to more competitive mortgage rates compared to other high LTV products. Our mortgage advisors in Manchester can help you navigate this scheme and find the best mortgage deals available.
Securing a 5% mortgage in Manchester can be more challenging than mortgages requiring larger deposits, but the Mortgage Guarantee Scheme makes it more accessible.
This scheme encourages lenders to offer 95% loan-to-value (LTV) mortgages by providing a government-backed guarantee, which reduces the risk for lenders. While it is still important to have a good credit history and pass affordability checks, the scheme has made it easier for both first time buyers and home movers to obtain a mortgage with a smaller deposit.
Getting mortgage advice in Manchester can prove extremely beneficial when getting a mortgage with a 5% deposit. You need to find a 95% LTV product that matches your personal and financial situation, which is something that we can help with.
Begin with a free mortgage appointment with one of our experienced advisors. During this meeting, we will assess your financial situation, discuss your mortgage options, and answer any questions you might have. This initial step ensures you are well-informed and prepared to proceed.
Next, we will help you secure a mortgage agreement in principle (AIP). This document shows how much you can potentially borrow, giving you a clearer idea of your budget. An AIP strengthens your position as a serious buyer when you start house hunting.
Once you find your ideal property, we will assist you in submitting your mortgage application. We handle the paperwork and liaise with the lender on your behalf, ensuring a smooth and efficient process. Our goal is to get you the best mortgage deal available.
The final step is completion, where your mortgage funds are transferred, and you receive the keys to your new home. Our team will guide you through the final checks and ensure all legal requirements are met. Congratulations, you are now a homeowner!
Booking your free mortgage appointment is nice and easy. Simply book online or give our team a call and we can arrange a date and time with you.
During this appointment, you will meet with one of our mortgage advisors in Manchester who will take the time to understand your financial situation and mortgage needs. We will discuss your options, answer your questions, and provide tailored advice to help you move forward confidently. Our goal is to make the mortgage process as straightforward and stress-free as possible for you.
We have access to thousands of mortgage deals from a wide range of lenders, including exclusive products not available on the high street. This extensive selection allows us to find the perfect mortgage tailored to your unique circumstances.
Whether you're a first time buyer, home mover, or looking to remortgage, we are dedicated to finding the best deal to suit your needs and budget.
With over 20 years of experience in the mortgage industry, our team has the knowledge and expertise to guide you through every step of the mortgage process. We have helped thousands of customers achieve their homeownership dreams, providing personalised advice and support tailored to each client's needs.
Our extensive experience means we are well-versed in the complexities of the mortgage market, enabling us to navigate any challenges that may arise. You can trust us to provide reliable, professional advice and find the best mortgage solution for your unique situation.
We understand that your schedule can be hectic, which is why we offer our services seven days a week. Our flexible hours ensure that you can get the mortgage advice you need at a time that suits you best, even on weekends.
Whether you have questions, need assistance with your application, or want to discuss your mortgage options, our team is available every day to provide support and guidance. This commitment to accessibility means you can move forward with your mortgage journey without having to take time off work or rearrange your busy life.
The amount you can borrow for a mortgage in Manchester depends on several factors, primarily your income and the lender’s criteria.
Typically, lenders use a multiple of your annual income to determine your borrowing capacity, often ranging from 4 to 4.5 times your annual salary. For example, if you earn £50,000 per year, you might be able to borrow between £200,000 and £225,000.
Saving for a mortgage deposit in Manchester is a crucial step towards homeownership. With the Mortgage Guarantee Scheme, you only need a 5% deposit, making it more accessible for many buyers. For example, to buy a £200,000 home, you would need to save £10,000.
Start by setting a realistic savings goal and creating a budget to track your expenses and identify areas where you can cut back. Consider setting up a dedicated savings account to keep your deposit funds separate and benefit from any interest earned.
Additionally, explore government savings schemes like the Lifetime ISA in Manchester, which can provide a 25% bonus on your savings, further boosting your deposit amount.
This is an exciting milestone in your journey to homeownership. The next steps involve securing your mortgage, and the Mortgage Guarantee Scheme can play a pivotal role if you only have a 5% deposit.
First, contact your mortgage advisor in Manchester to finalise your mortgage application. At Manchestermoneyman, we will assist you in gathering all necessary documents and ensure your application is submitted promptly. With the Mortgage Guarantee Scheme in Manchester, you can apply for a 95% loan-to-value (LTV) mortgage, making the process more accessible.
Next, your lender will carry out a property valuation and conduct affordability checks. Once these are completed and your application is approved, you’ll receive a formal mortgage offer. It’s important to review the offer carefully with your advisor to ensure it meets your needs.
Finally, instruct a solicitor to handle the legal aspects of your property purchase. They will carry out necessary checks, prepare contracts, and arrange for the transfer of funds. Once all legalities are settled, you will complete the purchase, and the property will officially be yours.
An Agreement in Principle (AIP) is a crucial step in the mortgage process, especially if you’re looking to buy a property in Manchester. An AIP gives you a clear idea of how much you can borrow, providing you with a budget to work within and showing sellers that you are a serious buyer.
To obtain an AIP, you will need to provide basic information about your income, outgoings, and credit history. At Manchestermoneyman, our team can help you through this process, ensuring all necessary information is accurately submitted to the lender.
The Mortgage Guarantee Scheme can enhance your AIP application if you have a 5% deposit. This scheme encourages lenders to offer 95% loan-to-value (LTV) mortgages, increasing your chances of securing an AIP and ultimately, a mortgage.
Once you have your AIP, you can confidently start house hunting, knowing your borrowing potential. Our experienced mortgage advisors in Manchester are here to assist you every step of the way, making the process smooth and straightforward.
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Manchestermoneyman.com & Manchestermoneyman 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, Manchester, 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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Manchestermoneyman.com & Manchestermoneyman 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, Manchester, 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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