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Financial Times - Autumn Statement Mortgage Guarantee Scheme extended

Financial Times - Autumn Statement Mortgage Guarantee Scheme extended

The mortgage guarantee scheme has been extended by 18 months to June 2025 from December 2023, following an announcement by Jeremy Hunt in the Autumn Statement today (November 22). Launched in April 2021, the scheme offers lenders the financial guarantees they need to cover the other 95 per cent of the mortgage on a house worth up to £600,000. The scheme was due to close to new accounts on 31 December 2023. Chancellor Hunt announced its extension, alongside expanding the affordable homes guarantee scheme, in his 120-page Autumn Statement document.
But while the government said the scheme would continue helping prospective borrowers with smaller deposits buy a home, it has been met with little enthusiasm by mortgage brokers, read their comments here:

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Link to Original Article: Financial Times - Autumn Statement Mortgage Guarantee Scheme extended