Buying your first home is an exciting milestone—but if you’re a first-time buyer in Southport, you’ll know it’s not without its challenges. Saving for a large deposit while covering rent and the rising cost of living can feel like an uphill struggle.
That’s where the Freedom to Buy scheme could help.
This government-backed initiative could make your dream of owning a home in Southport a reality—even if you only have a 5% deposit.
What Is the Freedom to Buy Scheme?
This new Government backed scheme has been launched to replace the existing Mortgage Guarantee Scheme.
Freedom to Buy is a 95% mortgage guarantee scheme designed to help first time buyers get on the property ladder.
Here’s how it works:
- You only need a 5% deposit.
- The government guarantees part of the mortgage, making lenders more confident to offer 95% loan-to-value (LTV) mortgages.
- The scheme is available through many high-street and local lenders.
It’s designed to support buyers just like you—people who can afford monthly repayments but are finding it difficult to save a big deposit.
Who’s Eligible in Southport?
To use the scheme, you must:
- Be a first-time buyer.
- Be buying a property worth up to £600,000 (plenty of homes in Southport fall well within this range).
- Be purchasing your main residence—not a buy-to-let or second home.
- Take out a repayment mortgage (not interest-only).
How to Get Started
Here are your next steps:
- Check your eligibility and get advice from a mortgage advisor who understands the Southport market.
- Get a mortgage in principle to understand your budget.
- Start looking at properties—whether you want to live near Southport Promenade, Hesketh Park, or close to local schools and transport.
- Be ready with your paperwork: ID, payslips, bank statements, and proof of your deposit.
Let Us Help You Buy Your First Home in Southport
At Middleton Finance we’re proud to support first-time buyers across Southport and the surrounding areas. We understand the local market, the lenders who are part of the scheme, and how to make your application as smooth as possible.
Whether you’re just starting to explore your options or are ready to make an offer, we’re here to help every step of the way.
Get in touch today to book a free consultation and find out if the Freedom to Buy scheme could work for you. Please feel to contact me on 0777 587 4126 or email me on daniel@middletonfinance.co.uk
The information contained within was correct at the time of publication but is subject to change.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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