It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
The mortgage guarantee scheme in Grimsby is designed to help buyers with smaller deposits secure a mortgage.
It enables lenders to offer 95% mortgages, meaning you only need a 5% deposit.
This scheme is open to both first-time buyers and those moving home, provided the property is worth £600,000 or less.
Unlike some government-backed schemes, this one applies to both new-build and existing homes.
It gives buyers more options while encouraging lenders to approve higher loan-to-value (LTV) mortgages.
For expert guidance, it’s best to speak with a mortgage broker in Grimsby.
Lenders taking part in the mortgage guarantee scheme in Grimsby receive government backing on mortgages where the buyer has a 5% deposit.
This reduces the lender’s risk, making them more willing to approve applications that may have otherwise been declined.
You still need to meet affordability checks, which assess your income, outgoings, and credit history.
The scheme doesn’t change how repayments work, you’ll still take out a standard repayment mortgage and make monthly payments based on your loan amount, interest rate, and term.
If you’re considering applying, mortgage advisors in Grimsby can provide tailored mortgage advice in Grimsby, ensuring you understand the process and find the most suitable deal.
To qualify for the mortgage guarantee scheme in Grimsby, you must be buying a residential property to live in, it’s not available for buy-to-let or second homes.
The property must be valued at £600,000 or less, and your mortgage must be at least 91% LTV.
You’ll need to pass standard mortgage affordability checks, which assess your ability to keep up with repayments.
While the scheme is open to all types of buyers, speaking to a mortgage advisor in Grimsby can help you understand if this is the right option for you.
The mortgage guarantee scheme in Middlesbrough is available to both first-time buyers and existing homeowners looking to move.
To qualify, you must be purchasing a residential property worth £600,000 or less with a deposit of at least 5%.
The property must be your primary residence, meaning it cannot be used for buy-to-let purposes.
You will also need to meet standard mortgage affordability checks, which assess your income, outgoings, and credit history to ensure you can manage repayments.
Not all lenders participate in the scheme.
While many major banks and building societies offer mortgages under the mortgage guarantee scheme in Middlesbrough, availability can vary.
Some lenders may have additional criteria, such as minimum income requirements or restrictions on property types.
If you’re unsure which lenders offer these mortgages, working with a mortgage expert can help you find the most suitable options.
Yes, the mortgage guarantee scheme in Middlesbrough covers both new-build and existing homes.
However, some lenders may have specific policies on new-build properties, such as requiring a larger deposit or offering slightly different mortgage terms.
If you are considering a new-build home, it’s worth checking with lenders to understand their specific requirements.
Your credit history plays a significant role in whether you can secure a mortgage under the mortgage guarantee scheme in Middlesbrough.
While the scheme encourages lenders to offer 95% mortgages, it does not override standard credit checks.
If you have a low credit score or previous financial issues, lenders may be more cautious about approving your application.
Improving your credit score before applying, such as by reducing outstanding debts and ensuring all bills are paid on time, can improve your chances of being accepted.
The scheme was originally introduced as a temporary initiative but has since been extended.
While there is no set end date, the government regularly reviews its mortgage support schemes, meaning availability could change.
If you’re considering using the mortgage guarantee scheme in Middlesbrough, it’s best to act sooner rather than later to ensure you can take advantage of it.
Mortgages offered under the mortgage guarantee scheme in Middlesbrough often come with slightly higher interest rates than those with lower LTVs.
This is because lenders typically charge higher rates for borrowers with smaller deposits, as these mortgages carry more risk.
Comparing mortgage deals is important to find the most competitive interest rate available.
Yes, lenders will still assess your affordability when applying for a mortgage under the mortgage guarantee scheme in Middlesbrough.
They will review your income, regular expenses, outstanding debts, and credit history to determine whether you can afford the repayments.
The scheme provides security to lenders, but it does not change the requirement for borrowers to prove they can manage their mortgage commitments.
No, the mortgage guarantee scheme in Middlesbrough is only for new mortgage applications, not remortgaging.
If you are looking to remortgage, lenders will assess your equity and affordability separately.
Any guidance on remortgaging options, checking with a mortgage expert can help.
There are no restrictions on selling your home if you have used the mortgage guarantee scheme in Middlesbrough.
The scheme only applies to securing the initial mortgage, it does not affect your ability to move in the future.
If you sell, you will need to repay your existing mortgage in full before purchasing a new property.
Our Customers Love Us
4.95 Rating41 Reviews
Anonymous
Have made my journey stress free, excellent communication throughout, overall very friendly and efficient service. Thank you
1 month ago
Tony
Exceptionally easy, great communications throughout the whole process. Just received our mortgage offer!
3 months ago
Umu
Thank you with all the team for the hard work.
9 months ago
Paul
We were difficult clients because of our circumstances, but you guys smashed it out of the park! Thank you very much, we are eternally grateful Paul and Umu
9 months ago
Ben
Very good fast efficient service everybody was so helpful
9 months ago
Neil
Great service highly recommended
11 months ago
David
The whole process went very smoothly. There was no sense of any pressure being applied at any stage which was appreciated. It was made clear that any future advise sought would be forthcoming as the advisor intended to be there for the duration.
11 months ago
Samantha
Chris was our advisor, from start to finish he has been amazing. He got us exactly what we wanted. Explained everything to us and has been quick and patient throughout! Would recommend him to anyone!
1 year ago
Anonymous
Great service, would use again.
1 year ago
Lucy
Absolutely lovely team of people! Leo has been really friendly and helpful throughout the process! Would highly recommend.
1 year ago
Anonymous
great service, thanks
1 year ago
Bryn
Couldn’t recommend moneyman enough. Went from thinking we wouldn’t get a mortgage due to being told so by another broker, to getting approved for our dream first house. We dealt with tom and stacey, and both was brilliant. From the initial...
1 year ago
Angela
It is our 1st time getting a mortgage and they where extremely helpful. There was confusion at the the beginning that was there fault but our solicitors and estates agent and they where so helpful they couldn't do enough to help us and reassure us....
2 years ago
Patrick
Very nice and frendly Staff, helped me with anything i need. Thank you Patryk, Patrycja Datkiewicz.
2 years ago
Steven
Tom and Jo were very friendly and helpful throughout the process! They took the stress out of applying for our mortgage and we’re very quick to process everything. Highly recommend :)
2 years ago
Georgia
Tom & Jo did a fabulous job at helping us get our first mortgage, we weren’t sure whether we would qualify for a mortgage given that I had only been self employed for two years and had been turned down by other lenders. Both Tom & Chloe kept us up...
2 years ago
Kevin
Extreamly satisfied with the service. Ryan made us feel comfortable from the start, which made the whole process a little less daunting. Lyndsey was fab and answered any questions we had. Will be recommending to all in future!
2 years ago
Samantha
Huge huge huge Thankyou to Matt and Louise for securing me a mortgage on my first home. I never thought I’d be able to get a mortgage given a few issues with my credit rating but they worked tirelessly with different mortgage companies to ensure...
2 years ago
Jane
Excellent service and advice, made the process of securing a mortgage stress free and quick. Joe Dewsbury my mortgage advisor could not have been more helpful and Kayleigh Stewart my case manager was friendly, easy to comunicate with, quick and ...
2 years ago
Kyle
Very happy with the service provided by everyone on the team and the speed in which they got things mooving. Was always available when you was needed and made it hassle free for me, thankyou again and all the best. Kind regards, Kyle Thain.
3 years ago
Your journey starts with a free appointment where we discuss your situation and mortgage goals.
Whether you’re a first-time buyer or moving home, we’ll explain how the mortgage guarantee scheme in Middlesbrough works and check if you meet the criteria.
This is your chance to ask questions and explore your options with an expert.
Once we understand your needs, we search for the most suitable mortgage from lenders offering the mortgage guarantee scheme in Middlesbrough.
With access to a wide range of deals, we compare rates and terms to find a mortgage that fits your budget and future plans.
When you’re happy with the mortgage deal, we’ll handle the application process for you.
We ensure all the necessary documents are in place and work with the lender to keep things moving smoothly.
At this stage, affordability checks will be carried out to confirm you can manage the repayments.
Once your application is approved, you’ll receive your formal mortgage offer.
From here, it’s just a matter of finalising the legal work and preparing for your move.
Before you know it, you’ll be stepping into your new home with the help of the mortgage guarantee scheme in Middlesbrough.
We specialise in helping buyers secure mortgages with smaller deposits.
Our in-depth knowledge of the mortgage guarantee scheme in Middlesbrough means we can explain how it works, check your eligibility, and guide you towards the best mortgage deals available.
Not all lenders offer 95% mortgages, but we compare deals from a broad selection to find the right one for you.
Whether you’re a first-time buyer or moving home, we’ll match you with lenders participating in the mortgage guarantee scheme in Middlesbrough, ensuring you get competitive rates and terms.
We handle everything from the initial enquiry to the final mortgage offer, making the process as smooth as possible.
Our team manages paperwork, liaises with lenders, and keeps you updated at every stage, so you can focus on finding your ideal home.
Every buyer’s situation is different, and we tailor our advice to suit your needs.
Whether you need help understanding affordability checks or finding the best mortgage under the mortgage guarantee scheme in Middlesbrough, we provide one-to-one support to make the journey stress-free.
Shared Ownership allows you to buy a percentage of a property (usually between 10% and 75%) and pay rent on the remaining share.
Over time, you can increase your ownership through a process called “staircasing.”
This scheme is ideal for those who can’t afford a full mortgage on a home but want to step onto the property ladder.
The First Homes Scheme offers discounted properties to first-time buyers, key workers, and local residents.
Eligible buyers can purchase a home at a discount of at least 30% off the market price, making it a more affordable option compared to buying at full market value.
The discount remains in place for future buyers to help others get on the ladder.
If you’re a council tenant in Middlesbrough, you may be eligible for the Right to Buy scheme.
This allows you to purchase your rented home at a discount, which can be used as part of your deposit.
The amount of discount depends on how long you’ve been a tenant and the type of property you live in.
While not a mortgage scheme, a Lifetime ISA helps first-time buyers save for a deposit.
The government adds a 25% bonus to savings (up to £1,000 per year), which can be put towards your first home.
This can be a useful way to boost your deposit over time.
Read our 41 Reviews
Grimsbymoneyman.com & Grimsbymoneyman 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.
© Grimsbymoneyman 2025.
Contact
Follow Us
Grimsbymoneyman.com & Grimsbymoneyman 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.
© Grimsbymoneyman 2025.
Speak to an Advisor – It’s Free!
7 Days a Week, 8am – 10pm
