The UK government’s Help to Buy mortgage scheme has helped almost a quarter of a million homebuyers since its introduction in 2013.
The scheme, open to buyers of new homes in England and Wales, provides the buyer of a newly constructed home with a government equity loan of up to 20% of the property’s value (up to 40% in London), subject to a cap amount. This enables buyers to get into this market with as little as a 5% deposit.
The government had intended to abolish the scheme completely in 2023, but are now being asked to reconsider in the light of current events.
It is argued that the scheme, previously due to first be restricted to first-time buyers only in 2021, should remain in place to help support the new homes market and thus the nation’s housebuilding industry during and after the current Covid-19 crisis.
Many experts argue that the economy is going to need all the help it can get in the coming months. Furthermore, many home sales that might otherwise have been completed by now have, in some instances, been delayed by the challenges the ‘lockdown’ has brought to the process. This, coupled with current uncertainty, makes a strong argument amongst some for retaining buyer assistance, at least in the short term.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.
When will mortgage rates fall further?
7 days ago
Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
Lloyds boost lending for first-time buyers
14 days ago
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.
Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.
Nationwide ease criteria for first-time buyers
17 days ago
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
Ways to save money over the summer holiday
23 days ago
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
More information
Trusted by
