Under the Government scheme, new homebuyers or those with small deposits can purchase a property worth up to £600,000 with just a 5% deposit
How it works is the Government guarantees the remaining 15 per cent deposit, so in the eyes of the lender, the borrower effectively has a 20 per cent deposit. The scheme was launched in April 2021 after almost all 5 per cent deals were pulled from the market during the Covid pandemic.
The number of fixed and variable mortgage products available to buyers with a 5 per cent deposit has more than halved from 353 to 130 year-on-year. For those with a 10 per cent deposit, their choices have narrowed from 706 mortgage deals to 467, according to data from Moneyfacts, a financial analytics company.it is pausing loans on new builds for 10 per cent deposit holders as these homes can often lose value.
Halifax, the country’s biggest mortgage lender, has suggested there could be an 8 per cent decrease in house prices next year which could lead to more lenders pulling their deals.
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