Purchase

Moving home can be a stressful experience, having to manage both your sale and purchase. At Independent Mortgage Associates we will take care of the mortgage part for you so it is one less thing for you to worry about! Even if you are tied into your current mortgage and wish to transfer it to another property, we can deal with this complicated process for you.

Purchase

Moving home can be a stressful experience, having to manage both your sale and purchase. At Independent Mortgage Associates we will take care of the mortgage part for you so it is one less thing for you to worry about! Even if you are tied into your current mortgage and wish to transfer it to another property, we can deal with this complicated process for you.

What we can do for you:

  • Look at a variety of lenders to establish the maximum borrowing available

  • Advise you of costs involved with the house move, and recommend solicitors and surveyors if required

  • Find the best deal available for your circumstances

  • Arrange and manage your application with the lender, answering any queries you may have along the way

  • Liaise with your Solicitor and Estate Agent to progress the purchase to completion

     

    Mortgage Guarantee Scheme

     

      • Scheme starts: 19 April 2021
      • Scheme ends: December 2022

    The mortgage guarantee scheme announced at Budget 2021; will help to increase the supply of 5% deposit mortgages for credit-worthy households by supporting lenders to offer these products through a government backed guarantee.

    The scheme follows on from the successful 2013 Help to Buy: Mortgage Guarantee Scheme, which helped to restore the low deposit mortgage market after the financial crisis, giving those who could afford mortgage repayments but not the larger deposits the chance to buy a new or bigger home.

    From scheme launch, you can access more information on how to apply for a 5% deposit mortgage by contacting us.

    You may find the following Frequently Asked Questions (FAQs) helpful:

    What is the mortgage guarantee scheme?

    As an indirect effect of the COVID-19 pandemic, reduced availability of 95% Loan-To-Value mortgage products has left some credit-worthy households unable to access home ownership.

    The mortgage guarantee scheme announced at Budget 2021 will help to increase the supply of 95% Loan-To-Value mortgages for credit-worthy households by supporting lenders to offer these products through a government backed guarantee.

    The scheme follows on from the successful 2013 Help to Buy: Mortgage Guarantee Scheme, which helped to restore the high Loan-To-Value market after the financial crisis, giving those who could afford mortgage repayments but not the larger deposits the chance to buy a new home.

    How does the mortgage guarantee scheme work?

    The mortgage guarantee scheme offers lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of only 5%.

    The guarantee compensates mortgage lenders for a portion of net losses suffered in the event of repossession. The guarantee applies down to 80% of the purchase value of the guaranteed property covering 95% of these net losses. The lender therefore retains a 5% risk in the portion of losses covered by the guarantee. This ensures that the lender retains some risk in every loan they originate.

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