Lucy Allan MP has welcomed a new government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder. The scheme, first announced at the budget, is available from today (19th April).
The scheme's aim is to help first time buyers or current homeowners secure a mortgage with just a 5% deposit. The government will guarantee mortgages that cover the other 95%, subject to the usual affordability checks.
First time buyers will be able to use the scheme to secure a mortgage on a house of up to £600,000 in value.
The scheme is now available from major lenders including Lloyds, Santander, Barclays, HSBC and NatWest.
Lucy Allan MP said:
"This new 95% mortgage scheme is a great step towards affordable home ownership.
The Chancellor and the Housing Secretary have taken every opportunity to drive forward home ownership and responsible development to deliver the houses we need.
The Government is delivering on the promises it made at the 2019 election and at the budget. This new scheme will help turn generation rent into generation buy.
Over the years, Telford has seen thousands of new homeowners make their new lives here and I am determined to ensure that we make access to affordable home ownership improves further."
Photos above: The Secretary of State for Housing and Communities, Robert Jenrick MP, with Lucy Allan MP in Lightmoor (pre-Covid).
