Top Tips on How to Save for a Mortgage
According to Finder the average age for a first-time buyer is 34 in the UK, and the average deposit in January 2021 was measure at £57,000 according to Halifax!
A new Government scheme was unveiled last year to help those with only a 5% deposit to get accepted for a mortgage, with the Government backing part of the loan.
The scheme is for first-time- buyers, home mover and previous homeowners with a 5% deposit will have access to a 95% loan -to-value (LVT) mortgage. This means the loan is basically for 95% of the property value). Lenders taking part in the scheme have to offer a 5-year fixed mortgage as part of their 95% LTV product range.
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