Mortgage guarantee scheme to help first-time buyers extended for 12 months
The programme is aimed to help creditworthy households who are struggling to save for higher mortgage deposits get on the housing ladder.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A programme designed to help first-time buyers get a foot in the housing market has been extended for 12 months, the Government has announced.
The mortgage guarantee scheme, which was launched in April 2021, protects lenders against losses when lending to first-time buyers.
It enables them to purchase a property worth up to £600,000 with just a 5% deposit.
Extending this scheme means thousands more have the chance to benefit, and supports the market as we navigate through these difficult times
The programme is designed to help creditworthy households who are struggling to save for higher mortgage deposits get on the housing ladder, by compensating lenders for a portion of any losses on defaults.
It was originally scheduled to close at the end of December but the Government said it has officially been extended until the end of 2023.
Chief Secretary to the Treasury John Glen said: “For hard-working families facing today’s challenging economic conditions, it is right that we continue to help them secure their first home or move into their dream house.
“Extending this scheme means thousands more have the chance to benefit, and supports the market as we navigate through these difficult times.”
The Government added the scheme has already helped over 24,000 households get on the property ladder.