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How To Improve Your Mortgage Affordability

With affordability tests being revised in the wake of the cost-of-living crisis currently happening in the UK, many prospective buyers are looking for ways to improve their chances at securing the best possible mortgage for them.

With house prices still at a high, improving your affordability can be a great way of increasing your chances of securing a mortgage – especially for first time buyers looking to raise a deposit for their first home. Here, we take a look at the most effective ways you can improve your affordability.

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The New Help To Buy Scheme – 2021

A government scheme aimed at helping first time buyers get on to the property ladder has been extended for 2021.

The Help to Buy scheme has been running since 2013, with the aim of helping those unable to afford a deposit for a property. This is done by offering a Government supported equity loan to cover the majority of the deposit.

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First Time Buyers and Coronavirus

Being a first time buyer can be confusing at the best of times, and the current coronavirus pandemic brings even more challenges. But don’t panic. There are still ways that you can buy a home and we are here to tell you what they are.

At the start of the 2020, there was a record number of 95% LTV mortgage options, meaning lots of lenders were happy with a 5% deposit. But those golden days have temporarily disappeared for now thanks to covid.

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