Make 5% deposit mortgage guarantee scheme available only to first-time buyers

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Make 5% deposit mortgage guarantee scheme available only to first-time buyers

Petition Details

The Budget 2021 had a scheme for all buyer to get mortgage guarantee for any property (new/old which is a good news). But, this should be only for first time buyer.

Additional Information

The Government is helping people to reach the property leader, but the current policy will create further competition between "buy to let" buyers and "first time buyers”.

Increasing availability of mortgages to potential buyers could increase property value (sustain the market). People who already have a property and wanted to invest the money in "buy to let" will be happy. Whereas first-time buyers may suffer if property value goes up.

Restricting this scheme to first-time buyers will help enable more people reach the property ladder, without increasing competition with existing homeowners or risking inflating property values.

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