Help-to-buy mortgage guarantee scheme to finish
October 4, 2016
The Government help-to-buy mortgage guarantee scheme which has helped more than 86,000 households so far will close at the end of this year according to the Chancellor Phillip Hammond.
The scheme was specifically designed to help first time buyers get that foothold on the property ladder, however in a letter to Governor of the Bank of England Mark Carney, Mr Hammond said the scheme had a “specific purpose that has now been successfully achieved”.
The Help to Buy mortgage guarantee scheme allowed buyers to borrow up to 95% of purchase price with a 5% deposit, the government guaranteed a portion of the repayments to encourage lenders.
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