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 is a government initiative designed to support first time buyers in Hull and existing homeowners in securing a mortgage with a low deposit. Launched in 2021, this scheme aims to make homeownership more accessible by providing lenders with the option to purchase a government guarantee mortgage.
To begin, you will need a 5% deposit based on the property’s value. For instance, a property priced at £200,000 would require a £10,000 deposit.
Once you have this deposit, you can apply for the scheme through your bank or a mortgage broker in Hull.
To qualify for the Mortgage Guarantee Scheme, you must meet specific criteria:
For more information on your eligibility, please get in touch with our mortgage advisors in Hull.
Our Customers Love Us
4.98 Rating745 Reviews
Anonymous
Excellent advice and service… Dan went through everything and explained all aspects, Jonathan kept us up-to-date with all procedures. Solicitor even came to our house to complete signatures etc. From our meeting with Dan to completion only took 4...
2 days ago
Matthew
They were absolutely amazing in everything I can’t recommend them enough.
2 weeks ago
Joan
Excellent service. Paula was extremely helpful and understanding throughout. Will certainly recommend your services
3 weeks ago
Robert
Personally very happy with the service and interactions with the staff. Thank you.
3 weeks ago
Anonymous
I’m a first time buyer and I would recommend using this business. Charlie & Debbie made myself and my partner feel completely at ease with the process. I found their customer service to go the extra mile and no question was a stupid question.
4 weeks ago
Anonymous
Simple and efficient process.
1 month ago
Edmund
Superb service, fast and very reliable. Good comunication all the way thru whole mortgage process. Would definately recomend.
1 month ago
Ebrahim
Yeh I tendtogive really good reviews. Hull money man hashelped us greatly. 99.9 of everything they asked from us was fine. It wasnt them but the advisor they qent to Newcastle seemed to want to know exactly what we where planning well into the...
1 month ago
Lynley
We have just used Hull Moneyman again for our remortgage! Very friendly and competent staff who go out of their way to make sure we understand the process and are happy with the product.
1 month ago
Gary
Held my hand through the process, telephone call where prompt and ontime. E-mail was streight forward and communicatrion in general was very good.
1 month ago
Amy
The service we have received from Hull Money man (mainly Charlie) has been outstanding. Charlie has been there for us through a few house fall throughs and each time pulled through for us! Even made contact during his annual leave! As a first time...
2 months ago
Mr David
Very helpful, always available and kept us informed at all times
2 months ago
Tim
Excellent seamless process with no nonsense but very supportive.
2 months ago
Scott
We have used Hullmoneyman services for all of our residential and buy-to-let mortgage and remortgage needs for more than ten years. Hullmoney man have always professional and courteous advice and timely service. We do not hesitate to recommend...
2 months ago
Katie
Leo was fantastic. Understood what we wanted and got it done in record time. Would highly recommend.
2 months ago
Kerry
Excellent service
2 months ago
Timothy
Amazing work and great help from Paula Milner and Charlie Bryson
2 months ago
Philip
Quick and easy from start to finish. Understood what i needed and sorted out seamlessly
3 months ago
Benjamin
Really good service, made things nice and easy.
3 months ago
Stuart
Good communication great company to deal with
3 months ago
The current mortgage guarantee scheme is available to both first time buyers in Hull and existing homeowners. To qualify, you must demonstrate your ability to make the mortgage repayments. This requires providing proof of a stable income and a strong credit rating.
The latest mortgage guarantee scheme applies to both new builds and older properties. As long as the value of the property you wish to purchase is below £600,000, it qualifies for the scheme.
Whereas most schemes concentrate on new homes, this one is intended to help anyone get onto the property ladder, regardless of the type of home they want to buy.
First launched in April 2021, the scheme was initially scheduled to close at the end of the following year. It was then extended until December 2023, and has now been extended again to June 2025.
Applying for the Mortgage Guarantee Scheme in Hull is a straightforward process. Follow these steps to get started:
Check Eligibility: Ensure you meet the scheme’s criteria. The property must be valued at £600,000 or less, you need at least a 5% deposit, it must be a residential home in the UK, it should be your main residence, you must take out a repayment mortgage, and you need to pass lender credit checks and affordability assessments.
Find the Right Lender: Not every lender in Hull participates in the Mortgage Guarantee Scheme. Using a mortgage broker in Hull allows you to relax while they find a product tailored to your personal and financial situation.
Prepare Your Application: Once your mortgage broker in Hull selects the perfect deal for you, prepare your application. You will need proof of identity, proof of address, proof of income, and a copy of your credit report.
Submit Your Application: After preparing all the necessary documents, submit your application to the mortgage lender. While they perform their checks, all you need to do is wait for updates.
Just like a traditional mortgage, the Mortgage Guarantee Scheme process can take anywhere from 3-9 months to complete. Using a mortgage broker in Hull can significantly speed up your process as they handle all the paperwork, ensuring a stress-free experience.
During your free mortgage appointment, an expert mortgage advisor in Hull will conduct a thorough assessment of your income and expenses.
They will also be able to work out how much you can borrow for a mortgage.
Our team of experts can search 1000's of deals. This will set you on the right path towards becoming a homeowner.
Following your consultation, we will promptly secure your mortgage agreement in principle (AIP) on your behalf. This can usually be done within 24-hours of your appointment!
Once your offer on a property is accepted, our dedicated mortgage advisors in Hull will take care of submitting your mortgage application and forward any additional documentation required by the lender.
We will never put your application forward if you are going to be declined.
In addition to finding the most suitable mortgage deal for first time buyers in Hull, our team is devoted to helping you obtain comprehensive insurance coverage to safeguard you and your loved ones financially.
This is just a recommendation, not an obligation.
Our team of experienced mortgage advisors in Hull has helped a great number of people find their footing on the property ladder by providing expert mortgage advice in Hull.
Whether you have a complex situation or just need some mortgage advice in Hull, every customer can benefit from a free mortgage appointment, so make sure that you take advantage of this!
As an expert mortgage broker in Hull, we can access thousands of mortgage deals to find the best one for your unique situation. It’s not just about finding the right mortgage; we are here to guide and support you every step of the way.
The mortgage case handlers we have working here at Hullmoneyman, will keep you informed throughout the process, so you always know what’s going on.
With over two decades of experience, we possess in-depth knowledge of the market and have handled a variety of complex situations.
Our service is tailored to your specific needs, and we strive to offer a personalised and stress-free experience.
We understand that obtaining a mortgage can be a daunting process, so we strive to make it as stress-free as possible.
we work 7 days a week to suit your schedule and are available for a free mortgage appointment either via phone or Microsoft Teams video call.
Shared Ownership Mortgages allow you to buy a share of a property, usually between 25% and 75%, and pay rent on the remaining portion. Over time, you can purchase additional shares in the property, known as “staircasing,” until you own it outright. This scheme is designed to make home ownership more affordable by reducing the initial deposit and mortgage costs.
Forces Help to Buy is a scheme for members of the UK Armed Forces, enabling them to borrow up to 50% of their salary, to a maximum of £25,000, interest-free. This loan can be used for a deposit and other costs associated with purchasing a home. The scheme aims to help service personnel get on the property ladder or move to a new home during or after their service.
The Lifetime ISA (Individual Savings Account) allows individuals aged 18-39 to save up to £4,000 per year, with the government adding a 25% bonus to the savings, up to a maximum of £1,000 per year. The funds can be used either to buy a first home worth up to £450,000 or to save for retirement, making it a versatile option for long-term savings.
Right to Buy is a scheme that allows eligible council and housing association tenants in England to purchase their home at a discounted price. The discount can be significant, depending on the length of time the tenant has lived in the property. This scheme aims to help long-term public sector tenants achieve home ownership and invest in their own properties.
Read our 745 Reviews
Hullmoneyman.com & Hullmoneyman 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: 10 Consort Court, Hull, HU9 1PU.
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
Hullmoneyman.com & Hullmoneyman 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: 10 Consort Court, Hull, HU9 1PU.
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
