From 95% mortgages to the new help-to-buy scheme, the options are improving
Spring is traditionally a busy time in the housing market. This year, it comes after months of frantic activity fuelled by stamp duty tax breaks, making it difficult to predict how many buyers and sellers will be hitting the market as lockdowns start to ease around the UK.
The good news for potential first-time buyers is that they will soon have a bigger choice of mortgages that only require a 5% deposit. That’s because a government scheme to bring back 95% home loans officially goes live in just over a week’s time, with leading banks effectively ordered to take part. This month, too, the help-to-buy scheme was overhauled, and is targeted only at new entrants to homeownership.
