Budget 2021 - Andover properties for sale under £600,000

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.

Low deposit loans are often seen as more of a risk because borrowers could end up in negative equity if house prices fall – meaning they owe more than their property is worth.

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 news, the Advertiser has found five of the most desirable properties that you could buy under the new scheme:

Barlows Lane. Credit: Rightmove

Barlows Lane, Andover - £590,000

Described as “quirky” by the estate agents, this four bedroom family home is located a stone’s throw from Rooksbury Mill, allowing for nature walks all year around. Featuring an enclosed garden, orangery and private parking, this home would be purchasable with a mortgage backed by a deposit of £29,500 under the new scheme.

More details can be found here: https://www.rightmove.co.uk/properties/84840988#/

Ford Cottage today, at Marlborough Street

Marlborough Street, Andover - £425,000

One of Andover’s oldest buildings could also be yours with the new mortgage. Originally constructed as Ford Cottage in 1550, the building subsequently fell into disrepair and was moved around the corner from Chantry Street to its current location, using 75 per cent of the original timber. Now fully refurbished, the four-bedroom property has three bathrooms, a fireplace and plenty of historic character. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £21,250.

More details can be found here: https://www.rightmove.co.uk/properties/88648546#/

Rose Cottage. Credit: Rightmove

Rose Cottage, Little London - £550,000

If you’ve ever dreamed of owning a thatched cottage, now is your opportunity to purchase Rose Cottage. While many of the original features, such as exposed beams and fireplaces are in place, the house has also been modernised with bespoke bookcases and kitchen appliances. Outside, a summer house and terrace allow for buyers to take advantage of good weather and relax in the sunshine. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £27,500.

More details can be found here: https://www.rightmove.co.uk/properties/103210070#/

Flowerpot Cottage. Credit: Rightmove

Flowerpot Cottage, St Mary Bourne - £350,000

If you want more bedrooms than Rose Cottage, but still want a thatched home, how about this offering in St Mary Bourne? Featuring a log burner in the main lounge, you can relax in comfort during the winter months with a blazing hearth. The three bedrooms are located upstairs, while a private garden is located outside the kitchen. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £17,500.

More details can be found here: https://www.rightmove.co.uk/properties/89192131#/

Monks Cottage. Credit: Rightmove

Monks Cottage, Newbury Street, Whitchurch - £375,000

Thought to be one of the oldest buildings in the town, Monks Cottage certainly looks the part, with the classic wood beam exterior and a slight slant to the building. The house may not be the best for taller buyers, with “hobbit sized doors” to the first floor, but the house blends period and modern features together to present the best of both worlds. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £18,750.

More details can be found here: https://www.rightmove.co.uk/properties/77327727#/