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Extension of the Mortgage Guarantee Scheme

November 3, 2023 Residential Conveyancing

According to the BBC, the UK government is planning to maintain its support for first-time buyers by extending the mortgage guarantee scheme, with all the details set to be unveiled in the Autumn Statement on the 22nd of November. The scheme initially started in March 2021 to assist first time buyers in securing mortgages with a 5% deposit. Last year, it was extended for 12 months and was scheduled to finish in December 2023. However, recent reports reveal that the Treasury is exploring the possibility of extending this to support people in the UK get on the property ladder for another year.

It has also been reported that the Treasury is looking to introduce a new Individual Savings Account (ISA) designed to assist first time buyers in the UK save for their first home. This will be valuable support in the current housing market, which is seeing rising mortgage costs alongside the increasing cost of living.

The most recent ISA, known as Help to Buy, ran from 2015 until 2023. However, had been critiqued due to the fact the housing prices exceed the scheme’s limit, which had impacted those looking to make their first step on the property ladder.  

We look forward to sharing all the upcoming details, set to be unveiled in just three weeks.

If you’re a first time buyer looking to secure your dream home, our personable and highly qualified team will take the time to understand what is important to you and provide bespoke advice. Jones Whyte aims to make the purchase of your first home a smooth and stress free experience. Contact the Jones Whyte property team today.

Check out the full BBC article below:

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