The Government’s mortgage guarantee scheme will close at the end of this year, the Chancellor Philip Hammond announced yesterday.
The scheme guaranteed mortgage lenders up to 95% of the value of a property, enabling home buyers with only a small deposit to take a first step onto the housing ladder.
With other mortgage lenders now offering 95% loans, the Chancellor said that there was no longer a need for it to continue.
Other government help remains in place, including the Help to Buy ISA and Shared Ownership schemes. The Help to Buy ISA offers a 25% Government bonus to top up savings, but this is only payable on completion of a purchase so cannot be used towards a deposit.
To see details of all Government schemes go to www.helptobuy.gov.uk.