Extend the "Help to Buy: Mortgage Guarantee" scheme until at least December 2017

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Petition Action

Extend the "Help to Buy: Mortgage Guarantee" scheme until at least December 2017

Petition Details

The governments "Help to Buy: Mortgage Guarantee" scheme is due to end in December 2016. This allows buyers (not just 1st time) to put down a 5% deposit with the next 20% of the mortgage guaranteed by the government; this give lenders additional security against people defaulting on their mortgage.

Additional Information

Since the start of the scheme around 73,726 houses have been purchased with support from the scheme; of which 79% have been first time buyers. (Stats from www.gov.uk)

Extending this scheme would allow thousands more people the opportunity to purchase their first house in times when getting a large lump sum of cash for a deposit over 5% can be extremely difficult.

Additional information about how the scheme works can be seen here:
www.helptobuy.gov.uk/mortgage-guarantee/how-does-it-work/

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