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Advice on the Mortgage Guarantee Scheme

If you only have a small deposit, you might be wondering if the Mortgage Guarantee Scheme is for you. We understand how the Government Scheme works and know which lenders have signed up. In addition, we know which other schemes are available to help with affordability and can advise which one is suitable for your circumstances. As an impartial broker, we help with all the paperwork, explain everything in plain language and will be by your side from application to completion. Contact us today for advice on the Mortgage Guarantee Scheme and let us do the hard work.

Advice on Mortgage Guarantee Scheme

The Mortgage Guarantee Scheme explained

Launched in April 2021, the Mortgage Guarantee Scheme has recently been extended until June 2025.

It is designed to encourage more lenders to offer products at a 95% Loan to Value. The scheme allows both first-time buyers and current homeowners to purchase properties up to a value of £600,000 with a 5% deposit.

Applicants are subject to the usual lender affordability checks. Uniquely, it offers lenders the option to utilise a government guarantee compensating them for a portion of their losses in the event of repossession.

In order to use the scheme you must:

  • You must have a 5% deposit
  • Be purchasing a residential property (it cannot be used to fund a buy-to-let property)
  • Purchased by an individual rather than a company
  • The home must have a purchase value of less than £600,000
  • It must be a repayment mortgage rather than interest only

The Mortgage Guarantee Scheme isn’t for everyone. Your first step should be to speak to a broker like us who can give you advice on the Mortgage Guarantee Scheme.

There are other schemes available such as the Deposit Unlock Scheme and the Shared Ownership Scheme which might be more suited to your circumstances. We have experience helping clients with all these schemes and will take the time to understand what is right for you.

As an impartial broker, we help with all the paperwork, explain everything in plain language and will be by your side from application to completion. Contact us today for advice on the Mortgage Guarantee Scheme – we will save you time, money and stress.

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Mortgage Advice Team

How we work

  • Personalised, hard working service
  • We search 1000s of deals from across the market
  • Detailed research to ensure you save money
  • Take care of the paperwork to minimise stress
  • By your side from application to completion
  • The experience to get a good result for you

More about us

Why choose us?

We are not like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry.

We have over 100 five star reviews on Google and over 100 verified reviews on VouchedFor. And we would love to work hard for you.

To speak to a member of the mortgage advice team the Mortgage Guarantee Scheme ring Your Mortgage Expert now on 01722 322683. Or complete a contact form using the link below.

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Your Mortgage Expert Advice team

Meet the team

Our small, friendly team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. Sometimes it’s nice to put a name to a face. So if you want to find out more about us, visit our Meet the Team page.

Our team has:

  • Over 80 years of experience in the mortgage and protection industry
  • All members of our customer facing team have mortgage qualifications
  • We have over 100 five-star reviews on Google
  • Have helped hundreds of people get the home of their dreams

Discover More

  • Dan Allen Mortgage Adviser

    Dan Allen - Mortgage Adviser

    Dan Allen has worked with mortgages for over 10 years. He takes time to understand different lender criteria. His wealth of knowledge means he will know which lenders will work for you situation.
    Email Dan Allen
  • Dan Harris Mortgage Adviser

    Dan Harris - Mortgage Adviser

    Dan Harris first started working in mortgages in 2004. Dan has great attention to detail and will do the hard work to ensure you get the right recommendation to help with your debt situation.
    Email Dan Harris

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Your Mortgage Expert is a trading name of Your Mortgage Expert Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Registered Office Address: 18 New Canal, Salisbury, England, SP1 2AQ. Registered in England Number: 08924507.

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