Budget 2021 - Basingstoke 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 Gazette has found five of the most desirable properties that you could buy under the new scheme:

Fairfields. Credit: Rightmove

Fairfields, Basingstoke - £600,000

Right at the top end of the new mortgage scheme, this four-bedroom house was built just three years ago, and has three bathrooms within its walls. The home features motion sensor mood lighting for the prospective buyer to admire, as well as solar panels and LED lighting to save money and the planet at the same time. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £30,000.

More details can be found here: https://www.rightmove.co.uk/properties/68804472#/

The Clock House. Credit: Rightmove

The Clock House, Stratton Park - £600,000

If you’re able to spend a lot of money, but want more history than the previous property, then this portion of the former coach house of the Stratton Park estate could be worth considering. It gets its name from the clock on its roof, which is still in working order. The building has two bedrooms with en suites, with a modern kitchen downstairs. Planning permission has also been granted for a single storey extension behind the building. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £30,000.

More details can be found here: https://www.rightmove.co.uk/properties/97380473#/

The Street. Credit: Rightmove

The Street, Old Basing - £525,000

A Grade II listed property located in the conservation area of Old Basing, the cottage is believed to have been built in the 1600s. It has much of its original character, including wrought iron windows and an inglenook fireplace, and has three bedrooms upstairs. A garden around the back contains a workshop, garage and off-road parking. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £26,250.

More details can be found here: https://www.rightmove.co.uk/properties/77569107#/

Leamington Barns. Credit: Rightmove

Leamington Barns, Newfound - £575,000

If you’re looking for something a bit different, this barn conversion offers the opportunity for a modern home in a different setting than the norm. The four-bedroom property has two bathrooms, an ensuite and a shared family one, as well as floor to ceiling windows in the entrance hall. There is space for two or more vehicles to be parked outside. Under the new scheme, this home would be purchasable with a mortgage backed by a deposit of £28,750.

More details can be found here: https://www.rightmove.co.uk/properties/100777433#/

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#/