Even lenders who are not part of the Help to Buy schemes are trying to compete. As such, competition in the 5% deposit arena is the best it has been for some time, so do review all the options available to you.
GE Money Home Lending have launched a large loans proposition (£250k and above) for those who have had a historic financial issue in the past, including defaults, CCJs, etc. With rates sub 3%, these are a good alternative for when the high street lender says no. GE and some other specialist lenders are only accessible via certain mortgage brokers or distributors.
This years Budget will be closely anticipated to see if the Chancellor will offer anything to incentivise and stimulate the market further. Stamp duty is a key factor and would benefit from payment commencing at a higher level than current, say £250k and smaller increases as the price bands increase. Is this too much to hope for?
Finally, a recent report from TSB suggests that nearly 38% of house hunters are concerned they will be rejected for a mortgage. Levels of income required topped the charts with poor credit rating being the second most common anxiety. Always keep any eye on your credit reports. These are your financial history to any prospective transaction and any decisions will take these in to account. Most are free and relatively simple to understand, but most importantly will highlight any issues that may need rectifying.