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 Coventry is a government initiative designed to help homebuyers secure a mortgage with just a 5% deposit.
The scheme encourages lenders to offer 95% loan-to-value (LTV) mortgages by providing them with a financial guarantee, reducing their risk.
It is particularly beneficial for first time buyers and home movers who may struggle to save for a larger deposit.
To qualify for the Mortgage Guarantee Scheme in Coventry, you must meet specific criteria set by participating lenders.
The property must be valued at £600,000 or less, and the mortgage must be taken on a repayment basis rather than interest-only.
Additionally, the scheme is only available for residential properties, meaning buy to let or second homes do not qualify.
The Mortgage Guarantee Scheme in Coventry allows homebuyers to access a 95% LTV mortgage, meaning you only need a 5% deposit.
The scheme applies to various types of mortgages, including fixed-rate and tracker mortgages, depending on what individual lenders offer.
While the scheme makes low-deposit mortgages more accessible, lenders will still assess your income, credit history, and affordability before approving an application.
The scheme is open to both first time buyers and home movers looking to purchase a residential property.
To qualify, you must provide at least a 5% deposit, and the property must be valued at £600,000 or less.
Lenders will also assess your financial situation to ensure you meet their affordability criteria.
Yes, self employed applicants can apply for a Mortgage Guarantee Scheme in Coventry, but they may need to provide extra financial documentation.
Most lenders require at least two years of tax returns or accounts to prove consistent earnings.
Speaking with our mortgage advisors in Coventry can help you find lenders who are more flexible with their criteria.
The scheme is designed to help buyers secure a mortgage with a minimum 5% deposit.
For example, if you’re purchasing a property worth £200,000, you would need at least £10,000 as a deposit, with the remaining 95% covered by the mortgage.
A larger deposit could improve your chances of securing a better interest rate.
Since the scheme supports 95% loan-to-value (LTV) mortgages, interest rates may be slightly higher than those for lower LTV mortgages.
However, lenders still compete to offer competitive rates within the scheme.
Seeking mortgage advice in Coventry can help you compare deals and find the best rate available for your circumstances.
Yes, the scheme is available for both new build and existing properties, but some lenders may have additional restrictions on new builds.
Certain lenders may require a larger deposit for new build flats or houses, so it’s essential to check with your mortgage provider before applying.
The scheme is currently set to run until the end of June 2025, but this may be extended depending on government policy.
If you’re considering using the Mortgage Guarantee Scheme in Coventry, acting sooner rather than later could help secure a mortgage while the scheme is still in place.
Our Customers Love Us
5.00 Rating37 Reviews
K
Excellent service and guidance all the way through the process. Leo and Lizzi were very helpful in finding me the right product.
5 months ago
Diane
Very professional and kept me informed throughout the process of securing our equity release. I would recommend them especially for those who are a little unsure of how equity release works and if it's right for them
7 months ago
Diane
Very helpful, easy to get hold of when needed! Able to answer all my questions
11 months ago
Ajay
Made the process easy and understandable, presented all possible options and advised on what would be best suited for us. Always available to answer any queries or resolve any issues that arise. Would definitely use again in the future.
1 year ago
Luke
Incredibly quick, concise and professional. Regularly kept in he loop and gained all the knowledge required to be able to buy a property. Couldn't of asked for anything more and I can't thank them enough for all the help received.
1 year ago
Carol
Friendly efficient service, took their time to explain the procedure etc, I would definitely recommend them.
1 year ago
Joshua
Leo is always a pleasure to talk to. Very friendly and knowledgeable, and allows us to ask questions, no matter if we’ve asked before orbits really obvious
1 year ago
Gurjeet
Really helpful and clear.
2 years ago
Gemma
From first discussions with Tom to being passed over to Lyndsey, the whole process was easy and seamless. Everyone I have dealt with at Moneyman have been really helpful and friendly, which has helped take the stress out of applying for a...
2 years ago
Matthew
Jenny has been extremely helpful throughout the process and resolved any issues quickly. Thanks!
2 years ago
Susan
Very good service over the moon Wayne and Megan no there stuff
2 years ago
Dean
4 weeks and got my offer very good service from Wayne and Megan can not fault them
2 years ago
Anonymous
Great service
3 years ago
karan
Fantastic service. From start to finish I had everything clearly explained and the broker always had my best interest in mind. I highly recommend for first time buyers!
3 years ago
Anonymous
The service provided is personal and efficient. The team are willing to help and will try hard to meet tough timings to support an application. Would recommend
3 years ago
Thomas
Brilliant! Really helpful, did everything for us, explained the process clearly and made it all so easy! We wouldn't have gotten a mortgage without them!
3 years ago
Joshua
Really friendly advisors who are happy to answer any questions. Leo walked us through the entire process, and was happy to go over things to make sure we fully understood and were happy with everything.
3 years ago
Manpreet
Helen was really warm and friendly.
3 years ago
Hannah
Very helpful, very polite and knowledgeable! Would recommend to anybody
3 years ago
Mark
Charlie was thorough and informative. What we really liked is that he always asked if we understood what he was saying and would ask if we had any questions
3 years ago
Book a free consultation to discuss your eligibility for the Mortgage Guarantee Scheme in Coventry.
Our experts will assess your financial situation and guide you through the next steps.
We compare thousands of mortgage deals, including those available under the scheme, ensuring you find the best fit for your circumstances.
Our team will explain the differences between lenders and help you choose the right option.
Once you’ve selected the most suitable mortgage, we handle the full application process to ensure everything is completed accurately.
We’ll liaise with the lender to keep things running smoothly and improve your chances of approval.
After your mortgage is approved, we support you through the final steps, ensuring a stress-free process.
We’ll work with your lender and solicitor to finalise everything so you can move into your new home with confidence.
We offer a free, no-obligation appointment to discuss your options for a CCJ mortgage in Coventry, helping you understand what’s available based on your financial situation.
Our team provides expert guidance tailored to your needs, ensuring you make an informed decision.
By assessing your circumstances, we can match you with lenders who are more likely to accept your application.
We have access to thousands of mortgage products, including specialist lenders who consider applicants with CCJs.
Unlike high-street banks, specialist lenders assess applications differently, meaning you could still be eligible for a mortgage even if you've been declined elsewhere.
We compare all available options to find you the most competitive deal based on your financial profile.
Our experienced mortgage advisors provide personalised support, guiding you through every stage of the process.
We handle all the paperwork, liaise with the lender on your behalf, and ensure that your application is as strong as possible.
From your initial enquiry to mortgage approval, we are committed to making your journey as smooth and stress-free as possible.
We understand that life can be busy, which is why our team is available seven days a week.
Whether you need an appointment in the evening or over the weekend, we work around your schedule to ensure you get the mortgage support you need.
Our flexible availability means you can access expert mortgage advice in Coventry at a time that suits you best.
Shared Ownership in Coventry allows buyers to purchase a percentage of a property (typically between 25% and 75%) while paying rent on the remaining share.
This is a great option for those who cannot afford a full mortgage but still want to step onto the property ladder.
Over time, you may have the option to buy more shares in the property through a process known as staircasing.
Right to Buy in Coventry gives eligible council and housing association tenants the opportunity to purchase their home at a discounted price.
The discount available depends on factors such as how long you’ve been a tenant and the type of property you live in.
This scheme makes homeownership more affordable for those who have been renting from the local authority for a significant period.
The First Homes Scheme in Coventry is designed to help first time buyers and key workers purchase a home at a discount of 30% or more.
The discount remains attached to the property, meaning future buyers also benefit from a reduced purchase price.
This initiative aims to make homeownership more accessible for local residents who might otherwise struggle to buy in their area.
The Forces Help to Buy scheme in Coventry is available to military personnel, allowing them to borrow up to £25,000 interest-free to use towards a deposit or moving costs.
This scheme provides additional financial support to help members of the armed forces get onto the property ladder.
Speaking with a mortgage broker in Coventry like us can help you understand how this scheme works alongside other mortgage options, ensuring you secure the best deal for your circumstances.
A Lifetime ISA in Coventry is a government-backed savings account that helps first time buyers save for a deposit.
The government adds a 25% bonus on your savings, up to a maximum of £1,000 per year.
This can be a great way to boost your savings and reach your homeownership goals faster, particularly if you’re planning to buy in the near future.
Read our 37 Reviews
Coventrymoneyman.com & Coventrymoneyman 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
Contact
Follow Us
Coventrymoneyman.com & Coventrymoneyman 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
Speak to an Advisor – It’s free!
7 Days a Week, 8am – 10pm
