Can I use the Mortgage Guarantee Scheme in Doncaster for a new build property?

Yes, the scheme is available for both new build and existing properties in Doncaster. However, some lenders have stricter policies on new builds, such as requiring a larger deposit or additional affordability checks. Checking with different lenders can help you determine the most suitable mortgage for your property choice.

How much deposit do I need for the Mortgage Guarantee Scheme in Doncaster?

The scheme allows you to buy a home with as little as a 5% deposit. For example, if you’re purchasing a home worth £200,000, you would need a minimum deposit of £10,000, with the remaining 95% covered by the mortgage. Having a larger deposit, if possible, could improve your chances of securing a better interest rate.

Does the Mortgage Guarantee Scheme in Doncaster affect my mortgage interest rates?

Interest rates on 95% LTV mortgages may be slightly higher than those on lower LTV deals. Since rates can vary between lenders, seeking mortgage advice in Doncaster can help you compare deals and find the most suitable option for your financial situation.

Can I use the Mortgage Guarantee Scheme in Doncaster if I’m self-employed?

Yes, self employed applicants can apply, but they will need to provide proof of income, typically through tax returns and business accounts. Some lenders may require a longer track record of earnings, such as two or more years of accounts, to approve a 95% LTV mortgage. Working with a mortgage broker in Doncaster like us can help you find lenders that are more flexible with self employed applicants.

Mortgage Guarantee Scheme in Doncaster

What is the Mortgage Guarantee Scheme in Doncaster?

The Mortgage Guarantee Scheme in Doncaster is a government-backed initiative designed to help homebuyers secure a mortgage with a 5-9% deposit.

It aims to encourage lenders to offer 91-95% loan-to-value (LTV) mortgages by providing them with a financial guarantee.

This scheme is particularly useful for first time buyers and home movers in Doncaster who may struggle to save a large deposit.

How does the Mortgage Guarantee Scheme work in Doncaster?

The scheme works by offering lenders a government-backed guarantee on a portion of the mortgage, reducing their risk when approving 91-95% LTV mortgages.

This means that if you’re buying a home in Doncaster, you can secure a mortgage with just a 5-9% deposit, making homeownership more accessible.

The mortgage itself is still subject to affordability checks, and interest rates will vary depending on the lender and your financial circumstances.

What is the criteria for the Mortgage Guarantee Scheme in Doncaster?

To be eligible for the Mortgage Guarantee Scheme in Doncaster, you’ll need to meet the following criteria:

The property must be valued at £600,000 or less.
The mortgage must be for a residential home – not a buy-to-let or second home.
The mortgage must be on a repayment basis, not interest-only.

To find out whether you’re eligible for the scheme, get in touch with our mortgage advisors in Doncaster and book your free initial mortgage appointment.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.

Mortgage Guarantee Scheme FAQs in Doncaster

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Our Simple Mortgage Process

Free Initial Mortgage Appointment

Book a free initial mortgage appointment to discuss your eligibility for the Mortgage Guarantee Scheme in Doncaster.

Our team will guide you through your options and explain the next steps.

Exploring Your Options

We compare thousands of mortgage deals, including those available under the scheme, to find the most suitable option for your financial situation.

Our team will explain the differences between lenders and help you choose the most suitable deal.

Mortgage Application

Once you’ve selected the right mortgage, we handle the full application process to ensure everything is completed accurately.

We’ll liaise with the lender on your behalf, keeping you updated throughout.

Completion

After your mortgage is approved, we support you through the final steps, ensuring a hassle-free process from start to finish.

We’ll work with your lender and solicitor to help you move into your new home smoothly.

Reasons to Choose Us

Free Initial Mortgage Appointment

We offer a free, no-obligation consultation to explore your options for a CCJ mortgage in Doncaster, giving you expert guidance tailored to your situation.

This allows you to understand your mortgage options before making any commitments.

Access to Specialist Lenders

We work with a wide range of lenders, including those who specialise in mortgages with a CCJ in Doncaster, helping you find the best available deal.

Even if high-street banks have turned you away, we can explore alternative lenders who may be more flexible.

Personalised Support

Our experienced mortgage advisors provide clear and friendly guidance, ensuring you understand every step of the process from application to approval.

We take the time to understand your financial background and match you with the right lender for your circumstances.