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The Mortgage Guarantee Scheme in Durham is a government-backed initiative designed to help homebuyers secure a mortgage with a deposit as low as 5%.
It is available to both first-time buyers and existing homeowners purchasing residential properties.
By reducing the risk for lenders through a government guarantee, the scheme encourages the availability of 95% loan-to-value mortgages.
For anyone looking to step onto or move up the property ladder in Durham, this could be a valuable opportunity.
A mortgage broker in Durham, such as ourselves can guide you through the scheme’s details and eligibility.
This scheme works by offering lenders a government guarantee on a portion of the mortgage in case the borrower defaults.
Borrowers can access mortgages with a low deposit, but lenders still conduct affordability checks to ensure repayments are manageable.
The scheme only applies to residential properties valued up to £600,000 and excludes buy-to-let or second homes.
Our team of expert mortgage advisors in Durham can help you navigate the application process, ensuring you understand how the scheme works and which lenders participate.
Eligibility for the Mortgage Guarantee Scheme in Durham depends on meeting certain criteria. The scheme is open to anyone purchasing a residential property to live in, provided the home is valued at £600,000 or less.
You’ll also need to provide a minimum deposit of 5% and secure a repayment mortgage.
To determine your eligibility and explore your options, it’s helpful to look into mortgage advice in Durham to see what options are available and get you speaking to the right lenders.
The Mortgage Guarantee Scheme in Durham is open to both first-time buyers and home movers purchasing a residential property.
The home must be valued at £600,000 or less and used as your primary residence. Second homes and buy-to-let properties are not eligible under this scheme.
To better understand your eligibility and find the right lender, a mortgage broker in Durham can provide tailored guidance.
Lenders participating in the Mortgage Guarantee Scheme in Durham will assess your credit score and financial history to ensure you can manage the repayments.
While requirements vary between lenders, a good credit score will strengthen your application.
If you’re unsure where you stand, a mortgage broker in Durham like us, can help identify lenders suited to your credit profile.
The scheme allows you to secure a mortgage with a minimum deposit of 5%.
For example, if you’re buying a property for £250,000, you’ll need a deposit of £12,500.
This makes the scheme particularly appealing for buyers with limited savings.
A mortgage advisor in Durham can help you calculate your deposit and plan for other associated costs, such as legal fees and surveys.
Yes, the Mortgage Guarantee Scheme in Durham can be used to purchase new-build homes, provided they meet the scheme’s criteria.
However, not all lenders support new-build purchases under this scheme.
We can connect you with lenders who offer mortgages for new-build properties and guide you through the process.
No, the scheme is exclusively for residential properties that you intend to live in. Buy-to-let properties and second homes are not eligible.
If you’re considering buy-to-let options in Durham, a mortgage broker can explore alternative products tailored to landlords.
While the scheme does not impose specific income limits, lenders will conduct affordability checks to ensure you can comfortably manage the mortgage repayments.
Factors such as your income, outgoings, and credit commitments will be evaluated.
No, the Mortgage Guarantee Scheme in Durham is designed solely for primary residences.
It cannot be used for second homes, holiday properties, or investment purchases.
If you’re unsure whether your property qualifies, a mortgage advisor in Durham can help confirm your eligibility.
The scheme provides a guarantee to the lender, not the borrower, meaning you are still responsible for meeting all mortgage payments.
If you experience financial difficulties, contact your lender as soon as possible to discuss your options.
It may be possible to use the scheme alongside other initiatives, such as a Lifetime ISA, to help with your deposit.
However, it cannot be combined with schemes like Shared Ownership .
Our Customers Love Us
5.00 Rating19 Reviews
Jenni
Malcolm and his team were nothing short if amazing helping guide us through somewhat tricky process of buying our home. They were friendly, patient and efficient and deserve more than a five star rating. Thank you again to Malcolm and his team.
2 months ago
Joanne
Malcom, was professional and helped sercure the best mortagage deal for us. We were apprehensive about using a mortage broker as we had never used this kind of service before, but Malcom and the team made it so easy from start to finish,friendly...
4 months ago
Fiona
Very good service from Dinah. Very helpful and no pressure sales. Felt confident I got the best advice for my circumstances.
6 months ago
Katie
We could not recommend UK money man enough for helping us obtain a mortgage. As first time buyers we went into the process clueless, Malcolm and the team have been absolutely amazing. Their communication and expertise has been second to none. The...
7 months ago
Mr Darren
An amazing service from some amazing people. They where with me from start to finish and the support, guidance and advice they gave me was brilliant. I would happily recomend Durhammoneyman. Thank you to all who where involved in my case.
9 months ago
Anonymous
Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly
11 months ago
Duncan
Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.
1 year ago
Martin
Excellent Staff and Service, I would definitely use them again They were very helpful all through the process of my remortgage providing me with the best deal and assisting with any issues or concerns i had, very prompt on replies to my calls and...
2 years ago
Kayleigh
Joe and Chloe have been so helpful sorting out our remortgage. They did all the hard work. I would highly recommend Durham Money Man to anyone! Fab job guys!
2 years ago
Karen
Was very professional and very helpful.
3 years ago
Anonymous
We are very pleased with the service we received. Everything was very simple and the mortgage brokers done everything for us. The mortgage deal they found was significantly less than any we could find ourselves, so it's worth paying the broker fee...
3 years ago
Niall
Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!
4 years ago
Sarah
Durhammoneyman have been an absolute lifesaver in helping me to get a mortgage. Their support, advice and assistance throughout the process has been above and beyond what I could have expected. Without them I would not have been able to navigate...
4 years ago
Donna
I cannot fault the service I have received from Leo, Wendy and the team. They have made a potentially stressful process very easy, offering support and guidance throughout. I would recommend this team to anyone in need of mortgage advice. Thank...
5 years ago
Sandra
Matt was first of all hugely understanding and quite reassuring in what I knew would prove a difficult task! Under 2 years self employment history, trying to gain a second family home without selling the first and possessing a buy to let which also...
5 years ago
Louis
I had a complex situation and I was nervous about the whole thing. Chris worked his magic and got me a mortgage offer within 2 weeks. I was amazed. Working full time I found the evening appointments terrific.
5 years ago
Michelle
Thank you to Laura and Matt who worked seamlessly to get my remortgage offered. I’m really happy with my new deal, much better rate than what my bank were offering.
5 years ago
Mary
My mortgage broker was easy to get hold of and efficient. Overall my experience was good value for money. As a first time buyer I felt I had support throughout my purchase.
5 years ago
Daniel
We rang these guys when we had been promised a mortgage by our Bank who then changed their minds. To be honest we didn’t know whether or not we’d be able to get a mortgage but during the first call with Durham Moneyman we felt they understood...
5 years ago
Start your journey by booking a free mortgage appointment at a time that suits you.
Our mortgage advisor in Durham will look at your financial situation, goals and preferences, ensuring a personalised experience.
Appointments are flexible and available seven days a week to accommodate your schedule.
Once we’ve assessed your affordability and requirements, we’ll obtain an Agreement in Principle for you, often within 24 hours.
This document demonstrates to sellers and estate agents that you’re a serious buyer and financially prepared to proceed.
It also gives you clarity on your borrowing potential under the Mortgage Guarantee Scheme in Durham or any other product you’re considering.
Using our expertise, we’ll search through thousands of mortgage products to find the most suitable deal for you.
Whether it’s through the Mortgage Guarantee Scheme in Durham or another tailored solution, we’ll recommend options that fit your financial circumstances and long-term goals.
Once you’re happy with our recommendation, we’ll handle the application process for you.
Our team will submit your mortgage application, liaise with the lender, and keep you updated at every stage.
We know life can be busy, so we offer appointments that fit your schedule. Speak with a mortgage advisor in Derby at a time that works for you, including evenings and weekends.
From the Mortgage Guarantee Scheme in Derby to specialist products like self-employed or bad credit mortgages, our expertise allows us to tackle even the most complex cases with confidence.
Our service has earned glowing reviews from happy customers in Derby and beyond.
We take pride in delivering reliable, approachable, and professional advice that puts your needs first.
We have a fantastic team of expert mortgage advisors in Durham, each who have helped many first time buyers in Durham to get onto the property ladder in Durham.
If you are concerned that your situation is complex, you can rest assured knowing that we have over 20 years of experience offering mortgage advice in Durham. The likelihood of us coming across a situation we have never seen before, is very unlikely.
We’re here for you at every step of the process.
From your initial enquiry to the completion of your mortgage, our dedicated team provides ongoing support to make your experience as smooth and stress-free as possible.
The Mortgage Guarantee Scheme in Durham is only available for residential properties that are your primary home and are valued at £600,000 or less.
The scheme excludes buy-to-let properties and second homes. Additionally, the mortgage must be on a repayment basis, not interest-only.
Checking your eligibility beforehand is essential, and a mortgage broker in Durham can provide personalised advice to ensure you meet these requirements.
Lenders offering mortgages under the scheme will assess your financial situation to ensure repayments are manageable.
This includes reviewing your income, outgoings, debts, and other financial commitments.
As the scheme involves a 95% loan-to-value mortgage, monthly payments may be higher compared to larger deposits.
The scheme’s key benefit is the ability to buy a home with just a 5% deposit.
For example, purchasing a £200,000 property would require only £10,000 upfront.
However, the higher loan-to-value ratio often comes with increased interest rates, which can affect your monthly repayments.
Not all lenders in the market participate in the Mortgage Guarantee Scheme in Durham, and the scheme may not apply to every property type.
For instance, new-build homes may have specific conditions.
Consider how the Mortgage Guarantee Scheme in Durham aligns with your future financial goals.
While a 5% deposit makes homeownership more accessible, it’s important to think about long-term costs, potential overpayments, and the possibility of remortgaging in the future.
Working with a mortgage broker in Durham ensures you understand how the scheme fits into your financial plans, helping you make a confident and informed decision.
Read our 19 Reviews
Durhammoneyman.com & Durhammoneyman 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.
© Durhammoneyman 2025.
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Durhammoneyman.com & Durhammoneyman 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.
© Durhammoneyman 2025.
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