As the Budget is announced today, house buyers are expected to receive a windfall in the form of ‘ultra-low’ deposit mortgages.
Under the scheme, of which details are expected to be set out later, current homeowners and new buyers will be able to take out a mortgage on a property of up to £600,000 with a deposit of just five per cent.
Starting in April, the Government will offer to take on some of the risk of low deposit loans, meaning lenders would have some protection from potential losses.
Lenders will be able to purchase a Government guarantee that compensates them for a portion of their losses in the event of foreclosure.
All lenders under the scheme will offer mortgages fixed for at least five years as part of their range of products, providing options for consumers with smaller deposits who want the security and predictability of a mortgage with a fixed rate over a longer term.
Prime Minister Boris Johnson said previously: “I want generation rent to become generation buy and these 95% mortgage guarantees help to deliver this promise.
“Young people shouldn’t feel excluded from the chance of owning their own home and now it will be easier than ever to get on to the property ladder.”
The chancellor, Rishi Sunak, said previously: “By giving lenders the option of a Government guarantee on 95% mortgages, many more products will become available, helping people to achieve their dream and get on the housing ladder.”
Following the announcement, here are five of properties that you could buy under the new scheme in the Winchester district:
Kings Close, Kings Worthy - £585,000
This welcoming home has been tastefully extended in recent years to improve the ground floor accommodation. Upon entering the spacious entrance hall, you immediately sense the abundance of natural light that pours into this home. To the right is the dual aspect sitting room, featuring a wood burner and sliding patio doors out onto the private rear garden. To the other side is a family room which enjoys the front aspect.
The kitchen is located to the rear and has a range of modern base and eye level units and plenty of room for a large dining table and chairs.
The two-turn stair case guides you to the first floor which homes four bedrooms, with the principal bedroom boasting an en-suite shower room. Externally, the wonderfully private rear garden has been cleverly designed for low-maintenance and enjoys a large lawn and far-reaching countryside views.
More details can be found by clicking here.
Goring Field, Teg Down - £575,000
This fantastic semi-detached house is situated within a quiet residential area, just to the north of the city. Internally the property offers well-proportioned reception space comprising; a generous kitchen which has been refitted with a range of contemporary white high gloss base and eye level units with sleek granite worksurfaces and stylish glass upstands, this space opens into the dining area which has ample space for a large table and has French doors that open into the garden, and an opening into the family room.
The first floor has a bedroom en-suite, with two further double bedrooms, a single bedroom or study and a bathroom.
For more details click here.
Edwards Close, Kings Worthy - £495,000
This spacious family home, located in Kings Worthy, offers a versatile kitchen area, equipped with integral units and good presentation. Flowing from this is the real hub of the home, a large and versatile lounge/dining area. Offering copious flexibility, this area is ideal for a family looking to add their own touch to a home yet still presented to a high standard.
The first floor will not disappoint, with three spacious double bedrooms. One of the bedrooms offers access to a light and airy balcony space and another benefits from an en-suite shower room and fitted storage.
To find out more about the property, click here.
Mill Place, Micheldever Station - £420,000
A beautifully presented converted coach house in the heart of Micheldever Station, lending itself to exquisite views of the surrounding countryside. Built in 2007 and converted in 2018, in this home you can benefit from stunning countryside views not only in the summer evenings on the balcony, but throughout the whole year through the bi-fold doors.
The top floor is very light and airy, which would provide a great space for an art studio, third bedroom, living space or a home office.
More details can be found by clicking here
Christchurch Road, Winchester - £600,000
Melrose Cottage is a charming detached period cottage which has been beautifully restored by its current owners. It is situated in one of Winchesters most sought-after locations, just a short walk to the historic city centre.
The property has a wonderful open plan feel to the downstairs. A high ceiling hallway opens onto a cosy sitting room with open fireplace, leading through to a bright open plan dining area with French doors opening onto the picturesque cottage garden. The cottage kitchen is fitted to a fabulous modern standard with integrated white goods, a Rangemaster and Belfast sink.
To find out more click here.
Amport Close, Harestock - £585,000
This substantially enlarged and improved detached family home, situated in the ever-popular location of Harestock. This well-presented home has been extended to the rear creating a superb, contemporary reception space which oozes the ‘wow factor’ and has views from the wide aspect to the rear towards the patio and garden. When enhancing the accommodation, provision was made for an extra snug/bedroom 4, utility room and dining room to the rear and the side.
Find out more information by clicking here.
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