UK Government extends Mortgage Guarantee Scheme

The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023 with the aim of helping people with 5% deposits on to the property ladder.

Under the scheme the UK Government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual affordability checks, on a house worth up to £600,000.

Launched in April 2021, the scheme has already helped over 24,000 households. It was originally planned to close at the end of 2022 but will now be extended until the end of 2023.

Government extends Mortgage Guarantee Scheme – GOV.UK (www.gov.uk)

The information in this blog provides only an overview of HMRC guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed HMRC guidance and legislation or seeking professional advice.  Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.

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