Local mortgage specialists Greenacre Financial Services have welcomed the news that key lenders have signed up to offer mortgages on a government-backed 5% deposit scheme.

Banks including Lloyds, NatWest, Santander, Barclays and HSBC UK, as well as Virgin Money, all said they would be offering the scheme, which opens for applications next week on Monday 19 April.

And the more lenders that come to market, the more availability there will be for buyers, Greenacre says.

Managing director Greg Stanworth said: "Many low-deposit mortgages disappeared from the market in the early days of the pandemic, as lenders became concerned about the potential for these borrowers to end up in negative equity if house process were to fall in the tough economy.

"However, in recent months, house prices have been hitting record highs and lenders' confidence is also showing signs of returning."

The initiative is open to anyone buying a new main home worth £600,000 or less. Applicants must pass a lender's normal mortgage affordability criteria.

Applications for the scheme will close at the end of 2022.

For expert advice on your mortgage visit the Greenacre website HERE .

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