12 houses in South Tyneside you could get with a £5,000 or less deposit

Prospective homeowners could benefit from a new 5% deposit mortgage scheme – here’s what’s available in South Tyneside.

In last week’s budget, Chancellor Rishi Sunak announced the 95% mortgage guarantee scheme.

It will be available from April 2021 and it means that the Government will offer a guarantee on the portion of the mortgage over 80% – so for a 95% mortgage, the Government would be the guarantor of 15%.

Both current homeowners and first-time buyers will be eligible for the scheme, but the property they are looking to purchase should cost no more than £600,000.

Here are 12 houses in South Tyneside you can buy with a £5,000 or less deposit.