In recent years the amount of young adults still living with their parents in the UK, has risen to 3.5 million due to many struggling to save enough for a deposit.
However there is now light at the end of the tunnel for many, as the new mortgage scheme kicks in which allows people to buy with only a 5% deposit.
Under the scheme you can be a first time buyer, home mover or a previous homeowner. However, it can only be used in relation to your main residential home not on Buy To Let properties or second homes.
The maximum value of the property must be £600,000 and you must apply for a capital repayment mortgage rather than an interest-only.
When searching for the best mortgage deal for your circumstances it is recommended to use a Broker who will have access to multiple lenders, therefore giving your more choice, options and expert advice.
For further information contact us today to arrange an appointment with the mortgage team on a day and time to suit your commitments.