Mortgage Guarantee Program extended to 2023

UNITED KINGDOM: The government-sponsored program to make sure that 95% mortgages are still readily accessible will now last through December 2023. (Reported by news source)

To assist more people who have a 5% down payment in purchasing a property, the Mortgage Guarantee Scheme is being extended by one year.

Over 24,000 households have previously benefited from its assistance in buying a home, 85% of whom were first-time buyers.

Before the announcement, observers had raised concern that the end of the program would make it challenging for people to obtain a mortgage with only a little down payment, especially given that property prices in some places are declining.

This means that the government will pay up to 15% of the shortfall if the borrower defaults on the mortgage.

On properties worth up to £600,000, the program is open to both first-time purchasers and those moving up the property ladder.

Beginning in the first quarter of 2019, six lenders have made it known that they will begin accepting mortgage applications from homeowners in England who reside in clad buildings exceeding five stories tall.