Company offering advice on new mortgage scheme
- Credit: Camilla Brewis
A local mortgage broker is leading a Government drive to increase home ownership in North Somerset.
Beewise FS Ltd is helping first-time buyers, home-movers and previous homeowners looking to apply for the new five per cent deposit mortgages which are available this month.
The Government-backed mortgage guarantee scheme, which was announced in the chancellor’s budget earlier this month, is designed to help people with small deposits get on the property ladder.
Beewise FS Ltd, owned by Camilla Brewis, is an experienced mortgage brokerage in the South West specialising in mortgages and insurances, and the company says it is seeing a ‘huge surge’ in people wanting to move house during lockdown.
The company has six mortgage advisors covering Weston, Clevedon, Bristol and the surrounding areas and aims to answer common questions about new and current schemes available to help people get on the property ladder.
The new mortgage guarantee scheme will open from tomorrow and run until December 2022. Several of the UK's biggest mortgage lenders have already signed up to take part, including Lloyds, Natwest, Santander and more, which will offer these mortgages from April.
MoneySavingExpert.com recommends it is ‘always best’ to use a mortgage broker, and Beewise said it expects people would need a good credit score to qualify for the scheme.
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The company ‘strongly recommends’ contacting its advisors to get an appointment booked in, as they have had a ‘huge number’ of enquiries already.
Beewise said other schemes available to get people moving is the help to buy equity loan for first time buyers, which is available on new build houses in the South West to a maximum purchase price of £349,000. This allows people to put a five per cent deposit down and look to get a 20 per cent government equity loan to help get people on the housing ladder.
The company adds that shared ownership is a part-buy, part-rent scheme which is proving popular for those with limited affordability but can still allow them to purchase their own home.
Camilla said: “We always get fantastic reviews about how we really do help our clients from start to finish and take the stress out of purchasing or re-mortgaging, but also take any jargon out of the mortgage process to make it simple to understand.”