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Home Based Business Ideas UK: Property News - 95% Mortgages Available NOW

Home Based Business Ideas UK: Property News - 95% Mortgages Available NOW: 95% mortgages are back! The UK government has announced the launch of a new 95% mortgage scheme. ·         95% mortgage guarantee launche...

95% Mortgages Are Back! Property News

Property News - 95% Mortgages Available NOW Government Announces

The UK government has announced the launch of a new 95% mortgage scheme.

·        95% mortgage guarantee launches today, available on high streets across the country

·        Scheme part of a range of ownership options to help make home ownership a reality

·        New figures show demand for home ownership has soared during lockdown, with nearly 80% of private renters now saving for a deposit

A new government-backed mortgage guarantee scheme, announced in the March Budget, to help people with 5% deposits get on to the housing ladder will be available to lenders from today 19 April 2021, a spokesperson confirmed.

The scheme will help BOTH first time buyers AND current homeowners obtain a mortgage with a 5% deposit to buy a house of up to £600,000 – offering a route to home ownership to those with low deposits.

For more details see https://homebasedbusinessideasuk.blogspot.com/2021/04/property-news-95-mortgages-available-now.html

The government is essentially giving lenders the guarantee they need to provide mortgages that cover the other 95%, subject to the usual affordability checks. In the past, insurance companies provided this guarantee for a premium.

The scheme is now available from major high street lenders across the country today, including Lloyds, Santander, Barclays, HSBC and NatWest and Virgin Money following next month.

In 2019, the government made a pledge to build 300,000 new and attractive homes a year with an investment of over £12 billion in affordable housing over the next 5 years – the largest investment in a decade.

Since 2010, more than 687,000 households have been helped into home ownership through government schemes, but when asked, 69% of private renters and 63% of those living at home who had looked into a mortgage said they cannot find many mortgages with a low deposit.

The guarantee scheme is one of a range of flexible home ownership options available including:

·        Help to Buy

·        Shared Ownership

·        First Homes Scheme.

Figures show that the number of mortgage approvals for house purchases in January 2021 was 99,000 – a 40% increase on January 2020.

The government has helped over 685,000 households to purchase a home since 2010 through government backed schemes including Help to Buy and Right to Buy.

Taxpayers will bail out banks if loans default and they lose money

The higher the loan-to-value, the higher the risk for lenders, as borrowers have less skin in the game and can walk away in the event of a property crash or negative equity.

The mortgage guarantee scheme provides lenders with the option to purchase a guarantee on the top-slice of the mortgage, which means the government will compensate the mortgage lender for a portion of any net losses incurred in the event of repossession. In other words, the guarantee applies down to 80% of the purchase value of the guaranteed property.

The guarantee will be valid for up to 7 years after the mortgage has started and evidence shows that loans are unlikely to default after this time.

However, the scheme is intended as a temporary measure and will be open for new mortgage applications from April 2021 to December 2022.

Lenders can still pursue you for losses after you have been repossessed if they do not get their money back on a ‘forced sale’ – usually at auction.

The government said the current scarcity of high loan-to-value lending is a response to the pandemic rather than a symptom of a longer-term structural change in the mortgage market.

The government will review the scheme towards the planned end date to determine whether extending the period of eligibility for new mortgages would continue to deliver benefits for prospective buyers.

The stamp duty holiday comes to an end in June, prompting fears of a slowdown in the property market. The new guarantee scheme could push prices to new record highs making it more difficult for first-time-buyers to get on the property ladder. 

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Refugee To British Royal Family, The Incredible Story Of Prince Philip Who Has Died Age 99

Prince Philip, Duke of Edinburgh and Queen Elizabeth II's husband of 73 years, has died aged 99, at Windsor Castle.

In a statement just after midday, the palace spoke of the Queen's "deep sorrow" following his death at Windsor Castle on Friday morning.

The Duke of Edinburgh, the longest-serving consort in British history, had returned to Windsor on 16 March after a month in hospital.

Boris Johnson said he "inspired the lives of countless young people".

"It is with deep sorrow that Her Majesty The Queen announces the death of her beloved husband," the palace said.

"The Royal Family join with people around the world in mourning his loss."

Speaking at Downing Street, the Prime Minister said that the Duke had "earned the affection of generations here in the United Kingdom, across the Commonwealth, and around the world".

The flag at Buckingham Palace was lowered to half-mast and a notice was posted on the gates following the announcement of the Duke's death.

Prince Philip was born into nobility on the Greek island of Corfu on 10 June 1921. His father was Prince Andrew of Greece and Denmark, younger son of King George I of the Hellenes. His mother, Princess Alice, was a daughter of Prince Louis of Battenberg and a great-granddaughter of Queen Victoria.

His family fled Greece as refugees when he a baby. He once said that they would have been stateless, after Greece became a republic, were it not for the patronage of the Danish Royal Family who gave them Danish passports.

Philip, Christened Philippos, was his parents’ only son, after four daughters. By then his grandfather, who ruled Greece as George I, had been assassinated by a Greek in 1913, and his successor, Philip’s uncle Constantine, had been deposed four years later for failing to support the allied powers, including Britain and France, in the first world war.

After the three-year reign of his second son, Alexander, Constantine was reinstated by referendum in 1920. Two years later he was again overthrown, in a military upheaval. George V of Britain, son of great-aunt Alexandra, sent a naval cruiser to rescue Andrew, who was facing trial for treason, and his young family. The year-old Philip was placed in an orange box and rowed out to a British ship with the rest of the family.

Prime Minister Johnson praised Prince Philip's service and "bravery" in the Second World War, as well as his contributions after - from being a "champion of the natural world" through to having "shaped and inspired the lives of countless young people" through the Duke of Edinburgh award.

See also:

Will Mortgage Repayment Holiday End Lead To Mass Home Repossessions?

Canada wants 400,000 new immigrants a year to boost economy 

Immigration Rule changes opens door to recruit overseas health and senior care staff to work in the UK

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