Government extends mortgage guarantee scheme

The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping people with 5% deposits on to the property ladder.

• The Mortgage Guarantee Scheme will be extended by a year, having already helped over 24,000 households get onto the property ladder
• Launched in April 2021, the scheme supports first-time buyers, who make up 85% of scheme transactions, buy a home with a 5% deposit
• The scheme is just one of the ways the government is helping people with home ownership

Under the scheme the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, 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. It was originally planned to close at the end of this year but will now be extended until the end of 2023.

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Source: www.gov.uk