Mortgage guarantee scheme

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Halifax Intermediaries is supporting the Government Mortgage Guarantee Scheme for purchase mortgage applications over 90% loan to value (LTV).

The 'Homebuyer Special' scheme must be selected when keying an application on Halifax Intermediaries Online.

The following criteria applies:

  • First time buyers and home movers
  • Purchase applications only, no remortgages
  • Maximum loan amount of £500,000
  • Available for loans >90% up to 95% LTV; product fees cannot be added above 95%
  • Minimum 5% personal deposit is required
  • This must be the customers only residence and they must not have an interest in any other properties such as a second home or buy to let
  • New build properties are not included
  • No other 'schemes' can be selected (shared equity, shared ownership, right to buy not acceptable)
  • An enhanced credit score requirement will be applied to any applications on this scheme
  • A maximum 4.49x loan to income (LTI) cap will be applied as part of our affordability assessment
  • Current credit commitments will be deducted as ongoing in our affordability calculation even when declared as 'to be repaid' at or before completion. The loan amount must be affordable with these commitments deducted as remaining.
  • Lending into retirement is allowed subject to normal criteria

Our tracker rate mortgages are linked to Bank of England bank rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website at www.bankofengland.co.uk.

For independent information on mortgages, visit the website 'Money Advice Service'.

If you do not have professional experience, you should not rely on the information contained in this communication. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise retail clients, you must ensure it conforms to the Financial Conduct Authority's advising and selling rules. This site is intended for UK residents unless otherwise stated.

Halifax is a division of Bank of Scotland plc. Registered in Scotland No.SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Copyright © , Halifax plc. All rights reserved.