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The Mortgage Guarantee Scheme in Leicester is a government-backed initiative designed to help people buy a home with just a 5% deposit.
It was introduced to encourage lenders to offer more 95% loan-to-value (LTV) mortgages, making it easier for first time buyers and home movers to get onto the property ladder.
The scheme provides lenders with a guarantee, giving them more confidence to approve mortgages with smaller deposits, while borrowers still go through standard affordability checks.
The Mortgage Guarantee Scheme in Leicester works by providing lenders with a government guarantee that covers a portion of the mortgage if the borrower defaults.
This reduces the lender’s risk, allowing them to offer 95% LTV mortgages to buyers who have saved a 5% deposit.
From the borrower’s perspective, the process is the same as applying for a regular mortgage, with lenders assessing your income, credit history, and affordability before making a decision.
To be eligible for the Mortgage Guarantee Scheme in Leicester, you’ll need to meet specific criteria.
The scheme is available to both first time buyers and home movers purchasing a property worth up to £600,000.
It must be a residential property that you intend to live in, not a second home or buy-to-let investment.
You’ll also need to provide a deposit of at least 5%, and lenders will carry out their usual affordability and credit checks as part of the application process.
The Mortgage Guarantee Scheme in Leicester is available to both first time buyers and home movers looking to purchase a residential property worth up to £600,000.
You’ll need to provide a minimum 5% deposit, and the property must be your main residence, not a second home or buy to let.
Lenders will also assess your income, credit history, and overall affordability.
Yes, the Mortgage Guarantee Scheme in Leicester can be used for both new-build and existing properties.
However, some lenders may have specific criteria or restrictions when it comes to new-build homes, such as requiring a slightly larger deposit.
It’s always best to check with your lender or broker to understand the options available.
No, the Mortgage Guarantee Scheme in Leicester is open to both first time buyers and home movers.
As long as you meet the eligibility criteria, such as the property being your primary residence and having at least a 5% deposit, you can apply whether you’re purchasing your first home or moving to a new one.
The scheme is available for residential properties valued up to £600,000.
This includes houses, flats, and new-build homes, provided they will be your main residence.
The Mortgage Guarantee Scheme in Leicester cannot be used for second homes, buy-to-let properties, or commercial investments.
You’ll need a minimum deposit of 5% of the property’s purchase price to qualify for the Mortgage Guarantee Scheme in Leicester.
The scheme is designed to help buyers with smaller deposits, allowing them to access 95% loan-to-value (LTV) mortgages.
A larger deposit could help you secure better interest rates, but the scheme specifically supports those with limited savings.
While the scheme reduces risk for lenders, interest rates are set by the lenders themselves.
Some may offer competitive rates for Mortgage Guarantee Scheme in Leicester mortgages, but rates can be slightly higher compared to mortgages with larger deposits.
It’s always a good idea to compare deals to find the most suitable option for your circumstances.
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Elizabeth
I approached moneyman with an urgent problem of remortgaging my property within a deadline of 2 months or I loose my property .I was professionally welcomed by Paula and her 2 other colleagues who gave me advice and options of what I can do ....
1 month ago
Simon
Brilliant service thank you for all your help
4 months ago
Dawid
Excellent
6 months ago
Grant
Very fast friendy service, any questions were answered throughly and quickly and the whole service from start to finish was smooth and stress free.
8 months ago
Lucy
Excellent service from start to finish! Chris kept us fully informed and answered all of our questions throughout. He took the pressure off us and was professional throughout! Highly recommend!!
9 months ago
Rebekah
Jo and Chris were extremely helpful. Got everything done so quickly!
11 months ago
Joanne
It was smooth, took all the stress of reseaching the best mortgage. Easy access to appointments. TOM was great and understanding
1 year ago
Bhaven
Very very good thank you
1 year ago
Zubair
Charlie was very easy to talk too and made things easy and simple to understand and explained our options in detail which really helped us through the process as first time buyers.
1 year ago
James
Jason and his colleagues at UK Moneyman have been amazing from the start. When we began the process of house buying and finding a mortgage we knew very little, but Jason explained much to us in a telephone consultation and outlined all our options....
2 weeks ago
Samantha
Very impressed, service was really good and efficient and anything g that needed explaining was done very clear. Would definitely recommend
2 weeks ago
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
3 months ago
Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
5 months ago
Anonymous
Incredibly helpful, supported throughout whole process
5 months ago
Nazeef
Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
6 months ago
Andrea
The service was really good and want to say a big thank you to Leo and Wendy for all there help and guidance 😊
2 years ago
Ryan
Leo who help deal with all of our mortgage was brilliant, professional always there to guide us and explain every step, fully recommend him, We also spoke with Wendy and once again she was very friendly polite and there to help with anything...
2 years ago
Mohit
Really good service by Malcolm and the team. Fast and made sure to understand my needs regarding the mortgage I wanted and to meet them. Would recommend
2 years ago
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
10 months ago
Rosie
Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process. They even...
10 months ago
Book a free mortgage appointment to discuss your options for the Mortgage Guarantee Scheme in Leicester.
We’ll review your situation, answer any questions you have, and help you understand how the scheme could work for you.
We’ll search through 1000s of mortgage products, including lenders participating in the Mortgage Guarantee Scheme in Leicester.
This ensures you get access to the most competitive deals available for your circumstances.
Once you’ve chosen the right deal, we’ll guide you through the mortgage application process, handling the paperwork to make it as simple as possible.
We’ll also liaise with the lender to keep things moving smoothly.
After your application is approved, we’ll support you through to completion, ensuring everything is finalised correctly.
You’ll then be ready to move into your new home with the support of the Mortgage Guarantee Scheme in Leicester.
We offer a free mortgage appointment to help you explore your options with the Mortgage Guarantee Scheme in Leicester.
This gives you the chance to ask questions and receive expert guidance with no obligation.
We have access to 1000s of mortgage products, including deals from lenders participating in the Mortgage Guarantee Scheme in Leicester.
This ensures we can find the most suitable mortgage for your needs and financial situation.
We pride ourselves on delivering friendly, straightforward advice, guiding you through every step of the mortgage process.
From your first enquiry to completion, we’re here to make things simple and stress-free.
We’re available seven days a week, so you can get the support you need when it suits you best.
Whether you prefer an evening call or a weekend appointment, we’re here whenever you need us.
The Shared Ownership scheme in Leicester allows you to buy a share of a property(usually between 25% and 75%) and pay rent on the remaining portion.
This can make getting onto the property ladder more affordable, especially if you’re struggling to save for a large deposit.
Over time, you may be able to purchase additional shares in the property through a process known as “staircasing.”
The Right to Buy scheme in Leicester allows eligible council and housing association tenants to purchase their home at a discounted price.
The size of the discount depends on factors like how long you’ve been a tenant and the type of property you live in.
This scheme helps long-term renters transition into homeownership with financial support.
A Lifetime ISA (LISA) can help first-time buyers in Leicester save for a deposit with the benefit of a government bonus.
You can save up to £4,000 each year, and the government will add a 25% bonus, up to £1,000 annually.
Funds from a LISA can be used towards purchasing your first home or saved for retirement.
The First Homes scheme in Leicester is designed to help first-time buyers and key workers purchase a home at a discounted price.
Homes are typically sold at a discount of 30% (or more in some areas) compared to the market value, making it easier to afford a property in your community.
This discount remains with the property if it’s sold in the future, helping future buyers as well.
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Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Leicestermoneyman 2025.
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Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Leicestermoneyman 2025.
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