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Lenders participating in the scheme will provide a 90-95% mortgage for buyers who meet their qualifying criteria; the lenders will be protected by a mortgage indemnity guarantee (MIG) jointly funded by Redrow and the Government.
They have either pumped millions of pounds of direct or indirect aid into the industry or put the taxpayer at risk of almost open-ended liabilities in the case of shared equity or the planned Mortgage Indemnity Guarantee Scheme.
The Mortgage Indemnity Guarantee will give 95% loan to value on up to pounds 0.
Indeed, Team - the nationwide network of independent estate agents to which my own firm belongs - recently wrote an open letter to the Government suggesting a solution, in the shape of a Government-backed mortgage indemnity guarantee scheme.
4bn of the write-offs were borne by insurance companies which had issued mortgage indemnity guarantees - policies covering loan losses that no longer exist.
If you must borrow more than 90 per cent of the value, consider reducing the amount you take and top it up with a low-cost personal loan to avoid paying a mortgage indemnity guarantee CAPTION(S): Investing: Market slowdown means young buyers can afford property
The fees are just pounds 410 for a valuation and she will not have to pay the usual Mortgage Indemnity Guarantee premium most lenders demand.
uMortgage Indemnity Guarantee (MIG) Watch out for mortgage Indemnity guarantee (MIG) charges.