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95% gov mortgage scheme for current owners

Eulaliam123
Posts: 1 Newbie
Hi all,
The new government 95% mortgage scheme open until end 2022 allows everyone including current home owners to buy a house with only 5% deposit.
The new government 95% mortgage scheme open until end 2022 allows everyone including current home owners to buy a house with only 5% deposit.
Does anyone know whether, this also applies to people already owning a flat and wishing to rent it out and buy another house to live in with their partner?
Flat- buy to let (in my name only)
House - residential mortgage with partner
Gov.uk website says: ‘ A new government-backed mortgage scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit’
House - residential mortgage with partner
Gov.uk website says: ‘ A new government-backed mortgage scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit’
But it does not specify how many houses you’re allowed to own when applying.
Just want to be 100% sure before starting the whole process.
Your help will be appreciated!
Many thanks,
Eulalia
Eulalia
0
Comments
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With only a 5% deposit onthe new property. If nothing else. Owning another let property is bound to fail affordability criteria. The downsides are considerable. Not the scenario that the guarantee scheme was designed for either.0
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There are other 95% products that don't need the backing.0
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