The Benefits of Broker Advice on the Mortgage Guarantee Scheme

The Mortgage Guarantee Scheme has been a welcome initiative for thousands of home buyers. Here we look at whether you need a broker to take advantage of the governmental support and how it can improve your prospects.

  • Type of loan
  • help Maximum 75% LTV
  • help Maximum 70% LTV
  • help Maximum 70% LTV
  • help Maximum 65% LTV
  • help We will lend against current market value of the asset with vacant possession
  • £7,500,000
    help You cannot exceed the maximum loan available based on the maximum LTV for the corresponding type of property selected above
  • 75%
    help You cannot exceed the maximum LTV available for the corresponding type of property selected above
  • Loan details
  • 0
  • help Term should be entered in whole months, to a maximum of 12
  • help Deducted interest is where the forecast interest amount is deducted from the loan on day one.
  • help Serviced interest is where the interest is paid on a monthly basis. If serviced interest is chosen, evidence will be required to show your ability to pay interest when it is due.
  • Purpose of loan
  • Interest rate
  • help This is the standard rate for the property type chosen
  • help You can enter a custom rate below our standard rate for the calculation, but the availability of this rate is not guaranteed
Calculate
Instant Results
Total security value ___
Gross loan amount ___
Gross LTV ___
Interest rate ___
Term (months) ___
Minimum term (months) ___
Assumed arrangement fee @ 2% (min £2,000) ___
Interest Retained ___
Monthly Serviced Interest ___
Admin fee ___
Indicative day 1 Net loan advance ___

The Benefits of Broker Advice on the Mortgage Guarantee Scheme

The new mortgage guarantee scheme is an excellent option for many buyers who need a mortgage yet have a relatively low deposit available.

However, it is just as vital to use an independent broker to find the most competitive mortgage guarantee products as for any other home loan!

This guide will explain how the mortgage guarantee scheme works and why whole-of-market guidance is essential to getting the best deals on the market.

If you're keen to apply for a mortgage guarantee loan, give Revolution a call on 0330 304 3040, or email us at info@revolutionbrokers.co.uk, and we'll get your application started!

Can a Broker Help Me Find a Mortgage Guarantee Scheme Lender?

There is no mandatory requirement to use a broker - but it's strongly advisable.

Revolution Brokers have years of expertise securing low-interest deals or negotiating terms in even complex mortgage application cases.

It's also crucial you apply to the right lender. Our role is to ensure you don't apply to an unsuitable provider who will reject your application or end up paying higher rates than you should.

Is the Mortgage Guarantee Scheme the Right Option for Me?

It's all about your circumstances, which is why we advocate using a whole-of-market broker before taking out any long-term finance!

For example:

  • Other low-deposit mortgages may be a better deal.
  • There are multiple alternatives and options to consider, such as Help to Buy.
  • Our broker-exclusive products are far more favourable than those on the open market.

The best way to ensure you're applying for the most beneficial mortgage is to seek guidance from an independent broker. Revolution will assess your circumstances and borrowing needs before making any suggestions about the best lender, mortgage scheme or product.

How Can Revolution Find Me a Better Mortgage Guarantee Scheme Lender?

There are so many powerful reasons to consider using a mortgage broker:

  • We know every lender, every product, and every government support scheme.
  • As an independent broker, we can recommend other initiatives if we think they will be more suitable or affordable.
  • Our teams can explain the mortgage guarantee scheme, so you know all the pros and cons.
  • We offer specialist knowledge about the UK low-deposit market to help you make informed decisions.
  • Revolution is a whole-of-market broker, so we can suggest any product from any lender that we feel would benefit you.
  • Access to exclusive deals and products you won't find through high street banks or mainstream mortgage lenders.

Choosing a bank you have used before or any provider from the list of institutions participating in the mortgage guarantee scheme is highly unlikely to be the most beneficial solution.

How Do Mortgage Brokers Earn a Profit on Mortgage Guarantee Scheme Advice?

Lots of clients avoid the expertise of a broker due to concerns about hefty fees - and the opposite is true!

It's often possible to save a large amount of money on mortgage repayments by having an experienced broker negotiate your terms, saving far more than any broker charges.

However, a consultation is free, and with no obligation, so you can decide whether you'd like to proceed.

Most Revolution clients save a substantial amount on their total mortgage costs by benefitting from our advice.

Can I Get a Mortgage Guarantee Product With Adverse Credit?

Quite possibly, yes!

Many of our customers are concerned about getting a mortgage due to credit issues - but the guarantee scheme is designed to help you find affordable lending.

We recommend a suitable lender depending on your specific credit issues, including niche bad credit lenders who specialise in supporting homebuyers who have had severe problems in the past.

Expert Mortgage Guarantee Scheme Advice

If you'd like to take advantage of the mortgage guarantee scheme, it's highly advisable you give Revolution Brokers a call.

We recommend the top products and lenders to ensure your application is approved and offers the best value for money available.

Why Revolution Brokers?
  • Whole of market brokers

  • Mortgage that suits you

  • On time customer support

FAQs

How does our broker-matching service work?

It depends. The average application takes about 11 or 12 weeks from start to finish.

You shouldn't expect any delays by applying through the guarantee scheme, and we deal with all of the paperwork on your behalf.

Yes! Our role is to streamline the process, help you complete all the paperwork accurately, and apply to the most suitable lender the first time.

Most clients achieve a faster mortgage approval than would be possible going it alone.

Indeed we can! The process for remortgaging isn't different from a general remortgage. The only difference is that you have the guarantee in place to make your borrowing more affordable.

Yes, Revolution helps many self-employed applicants secure a mortgage backed by the guarantee scheme.

We work with contractors, sole traders, professionals and company directors of all kinds.

Latest Blogs

26 Jan 2022
How Does a Remortgage Application Work?

Most homeowners know that remortgaging means switching a mortgage from an existing lender over to a new deal. However, the process isn't always obvious. If you're on a fixed-rate deal, you'll want to get ahead of the end of the term to avoid being shuffled onto a higher standard variable rate where your interest costs will undoubtedly ..

17 Dec 2021
Understanding Lender Risk on First-Time Buyer Mortgages

Finding a great mortgage as a first time buyer can feel like an uphill struggle, with a larger proportion of applicants being turned down than a year ago. Around 20% of first-time mortgage applicants are rejected, usually because of the lender risk associated with their loan. Today, Revolution Brokers explains the highest risk facto..

28 Oct 2021
Pros and Cons of First Time Buyer Buy to Let Mortgages

Investing in a rental property can be an excellent way to get onto the property ladder and earn an income. However, if you haven't owned a residence before, you might find that a mainstream bank will automatically turn you down for a buy to let mortgage. In today's guide, the Revolution Brokers team explains how you can become a ren..

12 Oct 2021
Mortgage Deposit Requirements for First-Time Buyers

Buying a home for the first time is a massive step - but the deposit is often a stumbling block for first-time buyers. It can take years to save a sufficient amount or be impossible, so there are several ways to approach the problem and get your foot onto the property ladder. From April 2021, the UK government launched the new mortg..

24 Jun 2021
Why Property Auction Finance is Booming!

There is little doubt that UK buyer confidence is at an all-time high. We've recapped previously in our blogs how property market growth and prices have soared over the last few months! As we head into summer, one key area of mortgage finance seems to be expanding rapidly: property auction finance. In this article, the Revolution..

25 May 2021
Property Development vs Buy to Let Investments

Here at Revolution Brokers, we work with thousands of property investors every year. That might be to: Remortgage a portfolio of rental properties. Secure development finance for a new project. Finance a standalone property purchase or multiple acquisitions. Streamline portfolio mortgages for multiple investments. We ofte..

Offer!

Refer, Relax and get £50

If you refer a friend for a mortgage or any
type of finance you’ll both receive £25
each when their new application
successfully completes.

Know More!

We are proud
members of the:

FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

Ask the Mortgage Experts

Revolution Brokers understands that mortgages can be complex and confusing!

Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.