Chancellor Rishi Sunak today announced the launch of a home buying support scheme, with the government backing 95% LTV mortgages as part of the Budget.
The government is going even further to support buyers onto – or up – the property ladder with today’s new mortgage guarantee. This will broaden the options individuals have for financing a home, and will be particularly welcomed by the younger generations, who might be struggling to get their foot on the housing ladder.
Jonathan Halberda at Wesleyan Group, the specialist financial services mutual, said: “It’s important to remember that this isn’t a panacea to ownership – buyers will still need to pass lenders’ affordability checks to access a mortgage. Some will have questions about what they can afford, and how their personal financial circumstances, particularly post-pandemic, will fit with their home ownership ambitions.
“Speaking to a mortgage adviser, or a financial adviser, can help you assess what’s within your reach, and what the best deal could be for your situation.”