Spellman Financial Services

95% Mortgages in Coventry following the budget

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Budget 2021

Following the 2021 budget, the Mortgage market was provided with the following boost:

Stamp duty break extension until June 2021, before finally being phased out in October 2021.

And the biggest news of all; the return of 95% Mortgages.

What 95% Mortgages will be available

Currently, there are 95% loan to value Mortgages available on New Build Properties only.

This will now be expanded to include non newly built properties, as the Government has created a new scheme called the Mortgage Guarantee Scheme.

Best of all the Mortgage Guarantee Scheme will be open to home movers as well a First Time Buyers, meaning many applicants will be able to purchase a property with as little as a 5% deposit.

This is great for those who may have owned a property before in the past but has since been renting for example, and therefore excluded from certain First Time Buyer only Schemes.

95% Mortgages for First Time Buyers in Coventry

This will now mean a huge range of options for First Time Buyers as the Government pledges to generation rent into Generation buy.

First Time buyers will be able to choose from:

Shared Ownership with a 5% deposit.

Help to Buy: Equity Loan Scheme with a 5% deposit.

As well as the new Mortgage Guarantee Scheme.

The new Mortgage Guarantee Scheme

The new Mortgage Guarantee is just a scheme to provide lenders with confidence to lend on 95% Mortgages.

Mortgage Lenders will pay a small fee for each 95% Mortgage they lend on. And then if one of these Mortgages defaults and the Lender needs to repossess, the Lender can claim off the government if they make a loss. A bit like an Insurance policy.

It won’t be something that negatively affects you as a borrower.

What Mortgage Lenders will be available at 95% loan to value?

You will now be able to get a Mortgage at 95% from Mortgage Lenders including:


Lloyds Banking Group (Including Halifax)




Other lenders will likely join later on down the line including Virgin Money who has been confirmed as one of these lenders.

Greater choice, generally means cheaper options.

If you would like assistance obtaining a 95% Mortgage in Coventry, please contact us below.


How can we help?

We will have access to every lender available at 95% loan to value, so we can help you secure the Mortgage on your new home.


Get in touch

Spellman Financial Services is a Mortgage Brokers in Coventry providing Mortgage advice to the people of Coventry & Warwickshire.

If you would like any individual advice or further information on any of the above or alternative Mortgage or Insurance Advice. Please do get in touch with us below or here.

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Address & Telephone

102 Stoney Road, Coventry, West Midlands, CV3 6HY
Telephone: 07739387944

Opening Hours

Monday-Friday: 08:00 – 20:00
Saturday: 08:00 – 14:00
Sunday: By appointment
Other times: can be arranged by appointment

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