We wish to inform our clients that our Andover office is now closed. Please call our Amesbury office on 01980 883 100 for document retrieval and to book appointments.

Insights & advice

Low deposit NewBuy Guarantee homes still available

Low Deposit NewBuy Guarantee Under-Subscribed | Middletons Solicitors | Andover Solicitors 

People who can’t raise a deposit to buy a new home could benefit from the Government’s NewBuy Guarantee scheme which has been under-subscribed.

The scheme was set up in March to help people buy a home by providing 95% mortgages on newly built properties.

It means that instead of a typical buyer having to provide a deposit of £20,000 on a £100,000 home, which many lenders demand, they only have to provide £5,000.

It’s ideal for people who can afford to repay a mortgage but can’t raise the high deposits now required.

The scheme covers houses up to £500,000 and was expected to help 100,000 people, but so far only a few thousand homes have been sold.

The main problem seems to be that few people have heard about the scheme despite efforts by ministers to get the message across. There’s also the problem that many would-be homeowners have stopped thinking about buying because they feel it’s beyond their reach.

Unfortunately, many of them end up paying more in rent than they would in repaying a mortgage. NewBuy could help them change that.

The NewBuy Guarantee scheme was originally aimed at first time buyers but now it’s available to everyone, including existing homeowners who want to trade up to a bigger property. It’s backed by the Government, major construction firms and leading High Street mortgage lenders.

Please contact Ingrid Hindle or Jo Ayrton in our Warminster office on 01985 214444 or Sandra Smith in our Westbury office on 01373 865577 if you would like advice on buying or selling a home.  Or email ihindle@mulaw.co.uk.

 


We provide client focussed legal advice and assistance.

Our solicitors strive to deliver the best advice and assistance and an outstanding customer experience.

We serve our customers right the way across Wiltshire and Hampshire with offices in Warminster, Amesbury and Stockbridge.

Enquire about our services today.

Just a short note to once again express my sincere thanks to you, Sue and the M&U team, for all your help, cooperation and first class professional support. I am most grateful to you all.

Chris Stephenson, Warminster

Middletons Solicitors uses cookies to ensure that we give you the best experience on our website. If you continue we assume that you consent to receive all cookies on this website.