The Government is considering extending its mortgage guarantee scheme as part of measures to help first-time buyers in the upcoming Autumn Statement.
It is understood the Treasury is looking at making the scheme, which helps people take out a mortgage with a 5% deposit, available for another year.
The scheme, first introduced in March 2021 by the then Chancellor Rishi Sunak, was designed to encourage lenders to give mortgages to borrowers with a smaller deposit.
Ben Thompson, deputy CEO at Mortgage Advice Bureau, said: “It’s been a really challenging time for first time buyers to get the keys in their hands. Economic volatility has seen potential buyers battle high inflation, pushing prices up and limiting the amount they can save. Meanwhile, the higher interest rate environment has lowered the amount they can borrow, meaning bigger deposits are needed.
"The Government is right to look at support for those taking their first steps on the property market in the upcoming Autumn Statement, but extending the mortgage guarantee scheme is just one possible route. Other options on the table are a review of ISA products to support saving, or reforms to the existing products that savers are utilising. For those looking at getting on the property ladder, it’s best to engage with a mortgage adviser as early as possible to get expert guidance on your potential options when it comes to getting a mortgage.”
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