Mortgage Guarantee Scheme Fixed Mortgage Rates

Mortgage Guarantee Scheme Fixed Rate mortgages offer stability and peace of mind to those in the UK with fixed interest rates, allowing borrowers to plan their finances confidently. This is currently offered by Barclay's.

Mortgage Guarantee Scheme Fixed Mortgage Rates

The Mortgage Guarantee Scheme Fixed Rate is a government-backed program in the UK that aims to help first-time homebuyers and existing homeowners purchase a property with a 5% deposit. Under this scheme, lenders offer 95% mortgages on properties valued up to £600,000, with the government providing a guarantee on the portion of the loan above 80% to encourage lenders to take on more risk.

The scheme ran until December 2022, and has since been renewed to last until December 2023.

Check back weekly or favourite this page to keep an eye on the ever-changing rates. The table below is updated as of July 16, 2024 and rates are subject to change.

Mortgage Guarantee Scheme Fixed Mortgage Rates

COMPANY TYPE TERM INITIAL RATE THE OVERALL COST FOR COMPARISON IS PRODUCT FEE LOAN TO VALUE (LTV)
BARCLAYS Mortgage Guarantee Scheme Fixed Rate 2 years 5.80% 8.4 APRC £0.00 95%
BARCLAYS Mortgage Guarantee Scheme Fixed Rate 5 years 5.56% 7.6 APRC £0.00 95%

 

Mortgage Guarantee Scheme Fixed Mortgage Rates FAQs

What is the criteria for mortgage guarantee scheme?

The mortgage guarantee scheme in the UK was introduced to help first-time buyers or those with small deposits to purchase a property. The criteria for the scheme are as follows:

  • The property has to be located in the UK and be valued at £600,000 or less.
  • The mortgage has to be taken out for a residential property and can't be used for a buy-to-let or second home.
  • The borrower has to be a UK resident and not own any other property anywhere in the world.
  • The borrower has to have a deposit of between 5% and 9.99% of the property value.
  • The mortgage has to be a repayment mortgage and not an interest-only mortgage.
  • The borrower has to pass the lender's affordability checks and credit score.
  • The scheme is available for new mortgages only and could not be used to remortgage an existing property.

The scheme was to end in December 2022, but has since been extended to December of 2023. This means you still have the rest of this year to get your mortgage guarantee scheme application done.

Is Barclays a good bank for mortgages?

Barclays is a well-established bank in the UK, and it offers a wide range of mortgage products to cater to different types of customers. One of the benefits of choosing Barclays for a mortgage is their competitive interest rates. Barclays offers a range of rates depending on the type of mortgage, and they often have special offers and deals for customers. Customers can also apply for a mortgage online, making the process more convenient and accessible.

Another advantage of Barclays as a mortgage provider is their flexibility. They offer mortgages for both first-time buyers and existing homeowners, and they can cater to customers with different financial circumstances. Barclays can also provide mortgages for those who are self-employed or have non-standard income streams. They also offer options for customers who may have a poor credit history or are struggling to get approved for a mortgage elsewhere.

Barclays is a good choice for customers looking for a mortgage due to their competitive interest rates, flexibility, and range of mortgage products. Their mortgage advisors can provide expert guidance throughout the process, and their online application process is convenient and accessible. However, as with any financial decision, it's important to do your own research and consider all options before making a final decision.

Does Barclays have good mortgage rates?

Barclays is one of the leading providers of mortgages in the UK, offering a range of fixed and variable-rate mortgages to suit different needs and preferences. The bank offers competitive mortgage rates, making them a popular choice among homebuyers.

Barclays also offers a range of mortgage deals, such as cashback offers, fee-free mortgages, and Help to Buy mortgages, which can make it easier and more affordable for first-time buyers to get onto the property ladder. Additionally, the bank provides a mortgage calculator on its website, which enables customers to work out the monthly repayments and total cost of their mortgage based on the loan amount, term, and interest rate.

Overall, Barclays offers competitive mortgage rates and a range of mortgage deals to suit different needs and budgets. However, it's important to note that the interest rates and mortgage deals may vary depending on individual circumstances and eligibility criteria. Therefore, it's recommended to compare different mortgage providers and deals before making a final decision.