End of Help to Buy scheme for home buyers

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.