Mortgage Guarantee Scheme
in Middlesbrough

The Mortgage Guarantee Scheme in Middlesbrough is available to both first-time buyers and home movers who want to purchase a residential property with a small deposit.

To qualify, the home must be valued at £600,000 or less and must be your primary residence.

The scheme is not available for second homes, buy-to-let properties, or shared ownership purchases.

It is designed to help buyers who may struggle to save a large deposit, making homeownership more accessible with just a 5% deposit requirement.

While the scheme provides a government guarantee to lenders, they will still assess your creditworthiness before approving your mortgage.

There is no set credit score requirement, but lenders will look at your financial history, outstanding debts, and overall ability to manage repayments.

A stronger credit profile may give you access to better mortgage rates, while those with lower scores might face stricter lending criteria.

If you’re unsure about your credit standing, it’s worth reviewing your credit report before applying.

The Mortgage Guarantee Scheme in Middlesbrough allows buyers to secure a mortgage with a minimum deposit of 5%.

This means that for a property priced at £200,000, you would need a deposit of £10,000.

While a lower deposit makes homeownership more achievable, it’s important to note that a 95% loan-to-value mortgage may come with higher interest rates compared to mortgages with larger deposits.

Buyers should also factor in additional costs such as solicitor fees, surveys, and moving expenses when budgeting for a home purchase.

Yes, the Mortgage Guarantee Scheme in Middlesbrough can be used to purchase new-build properties, provided they meet the scheme’s eligibility criteria.

However, some lenders have specific restrictions on new-build homes, such as requiring a slightly larger deposit or offering different interest rates compared to existing properties.

If you’re considering a new-build, it’s worth checking whether the lender you choose is offering the scheme for these types of homes and understanding any additional conditions that may apply.

No, the scheme is designed specifically for buyers looking to purchase a home to live in. Buy-to-let properties, second homes, and holiday homes are not eligible.

If you are an investor looking to purchase a property to rent out, you will need to explore alternative mortgage options.

The Mortgage Guarantee Scheme in Middlesbrough is intended to help those struggling to save a larger deposit access homeownership rather than to support investment purchases.

There are no specific income limits to use the scheme, but lenders will conduct affordability checks to determine whether you can comfortably afford the mortgage repayments.

Your income, outgoings, existing debts, and credit history will all be considered as part of the assessment.

The scheme is open to a wide range of buyers, but approval will depend on meeting the lender’s affordability criteria.

If you’re concerned about your income level or financial situation, it’s worth reviewing your budget and financial commitments before applying.

No, the Mortgage Guarantee Scheme in Middlesbrough is only available for those purchasing a primary residence.

If you are looking to buy a second home or a holiday property, you will need to explore other mortgage options.

The scheme is intended to support individuals and families looking to get onto the property ladder or move to a new home, rather than those looking to expand their property portfolio.

The scheme can sometimes be used alongside other savings initiatives, such as a Lifetime ISA, which can help boost your deposit.

However, it cannot be combined with schemes such as Shared Ownership.

If you are considering different home-buying support options, it’s important to check which schemes can be used together to maximise your benefits.

Understanding all available options will help you make the best decision for your financial situation.