skip_previous play_arrow skip_next
00:00 00:00
  • play_arrow

    North Derbyshire Radio

World News

Mortgage guarantee scheme to help first time buyers extended for 12 months

todayDecember 20, 2022 5

share close

Mortgage guarantee scheme to help first-time buyers extended for 12 months

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.

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.

Published: 20/12/2022 by Radio NewsHub

Written by: NDR NEWS

Rate it

Previous post

World News

Musk Future policy related polls only open for Twitter Blue subscribers

Elon Musk has said only Twitter Blue subscribers will be able to vote in future policy-related polls on the platform in his first comments since millions of users voted for him to step down as chief executive of the site. On Sunday, the Tesla boss said he would “abide by” the result of a poll, which he created, asking Twitter users whether he should step down. The result was confirmed […]

todayDecember 20, 2022 5