Hawk Rise, Ledbury development

A 95% mortgage is a secured loan that covers 95% of a property’s value. You’ll need to provide a deposit for the remaining 5%. So, if you want to buy a home valued at £200,000, a 95% mortgage will cover £190,000 of the cost and you’ll need to put down a 5% deposit of £10,000. 95% mortgages are also sometimes referred to as 95% LTV. Having a first-time buyer 5% deposit means that your LTV would be 95%, so some call them 95% mortgages - smaller deposits elevate risk for the provider, who might wish to charge a higher rate of.

Since the launch in May of the NHS Deposit Contribution Scheme, Worcestershire developer, Barratt Homes West Midlands, have helped 45 NHS employees secure a new home.

The scheme sees NHS employees receive a 5% contribution towards their deposit, up to £15,000, to help them buy a new home as a thank you for their hard work during the COVID-19 crisis.

The incentive has helped NHS workers across areas of Staffordshire, Shropshire, Oxfordshire, Worcestershire, Cheshire and Warwickshire with 45 properties reserved.

The NHS incentive can also be used in conjunction with the government help to buy scheme, offering further support to those looking to purchase their first home.

Our new NHS 5% Deposit Scheme is our way of saying a heartfelt thank you to all NHS employees, who have shown such courage in the face of the COVID-19 crisis. How does it work? To show our gratitude all NHS employees will be offered a 5% contribution towards their deposit, up to £15,000. You need a deposit of at least 5% - 10% of the property value and that can include the first home owners grant (FHOG). You must be earning a regular income and have stable employment. Interest rate discounts are available for low-risk borrowers. How can we help if you fall outside standard 95% lending criteria?

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Tanya Silk, Sales Director at Barratt Homes West Midlands, said:

“It’s brilliant to see NHS workers in Worcestershire are making use of the NHS Deposit Contribution Scheme. The National Health Service has worked incredibly hard during the COVID-19 pandemic and we are really pleased that the scheme is already benefiting those who deserve it the most.”

The developer has a range of properties available in Worcestershire at Henbrook Gardens, Stoke Prior, Bromsgrove.

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Barratt Homes’ developments are now open on an appointment only basis, please call the sales line on 0333 355 8475 or visit the website Barrat Homes.