Help to Buy mortgage scheme scrapped by the Government
The Help to Buy mortgage guarantee scheme will no longer be available after 2016, the Government has confirmed.
This is despite it seeing more than 89,000 mortgages taken out since it was introduced in January 2014.
The news was announced by Chancellor Phillip Hammond in a letter to the Bank of England yesterday, Thursday 29 September.
However, other parts of Help to Buy – the equity loan scheme and the Help to Buy ISA – will continue to operate.
Head of Property at Goldsmith Williams Lynne McCaffrey comments:
“Saving and arranging finances for your first home is always a challenge. Nonetheless, first-time buyers remain important to the health of the housing market.
“So it is certainly disappointing to hear the Help to Buy scheme will not continue, but I would urge those with their minds set on purchasing a home not to panic.
“It will now be time for the government and the industry to work on making the market accessible for those new to the property ladder.”
Content correct at the time of publication.