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B-Advised Blog

2023 mortgage changes – what you need to know


At the end of 2022, the UK government announced it will continue their ‘Mortgage Guarantee Scheme’. This means first-time buyers are able to overcome the security deposit barrier and secure the keys to their new home with a deposit as small as 5%. With this detail in mind, and a recent report suggesting banks are likely to become more flexible in the near future amid fears of the ‘property pinch’. Today, we are looking at the ever-changing landscape of the 2023 property market and how B-Advised can advise you on how to put your best foot forward on the path to property.

What this means for you

If you’re a first-time buyer, the current market can seem a daunting and (sometimes) disappointing place. With this government announcement, now may be the best time for us to help you reassess your property search and advise on the best course of action. 

To simplify the landscape of 2023, let’s first break down this announcement. 

First launched in April 2021, the Mortgage Guarantee scheme has already helped over 24,000 households. By assisting in building up deposits, once the keys have been secured homebuyers are then further assisted with other home settling issues. It was originally planned to cease action in 2022, but will now be extended until the end of 2023 and possibly into 2024.

Under this current scheme, the government offers lenders the financial guarantee they need to provide mortgages. To simplify, this means that first-time buyers with a 5% deposit will now have government funding to cover the other 95% of the deposit, subject to the usual affordability checks.

Frequently, it is these large deposits that stop first-time buyers from achieving their dreams of owning a home, this now removes the barrier and encourages a more fluid property market.

The government has other home ownership options available for first-time buyers who may not be eligible for this scheme, this is where our mortgage expertise comes in. 

couple shake hands with an advisor

How we can help

With over 30 years of experience, the team at B-Advised will look at a range of mortgages and services from different lenders that will be accessible for your level, whether you’re a first-time buyer or not. With our connections, we can easily check the whole market so that you have access to a wide range of expertise for whatever your property search requires.

Need financial advice that is ahead of the curve and up to date? Get in touch today!