The mortgage guarantee scheme has been extended by a year to the end of December 2023, helping more people with 5% deposits onto the property ladder.
Under the scheme, the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95% of a home purchase, subject to the usual affordability checks, on a house worth up to £600,000.
Launched in April 2021, the scheme has already helped over 24,000 households (up to November 2022). It was originally planned to close at the end of 2022.
As well as first time buyers and current homeowners, the scheme has also helped support the wider housing sector. Lenders reduced the availability of high Loan-to-Value (LTV) products during the Covid-19 pandemic, with just eight 95% LTV products available in January 2021.
The government’s mortgage guarantee scheme helped restore competition and consumer choice to the market, which has benefited businesses and boosted the market.
Read more on the mortgage guarantee scheme page.
The Forces Help to Buy scheme has been made permanent as part of the Government’s enduring commitment to supporting our Armed Forces (19 December 2022). The scheme enables Serving Personnel to borrow up to 50% of their gross annual salary (up to a maximum of £25,000) to encourage and support home ownership and enable the […]
Residents in social and affordable housing are being given the chance to buy a share in their home for the first time, as applications can now be made to for the government’s Right to Shared Ownership scheme. The government has published new guidance for tenants to access the scheme, which provides an alternative pathway to […]