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<p>The Government is committed to making the aspiration of home ownership a reality for as many households as possible. The Government wants current and future generations to experience the benefits of owning their own home, in the same way their parents were able to. Since the financial crisis, larger deposit requirements and falling equity values mean many credit-worthy households cannot get a mortgage, or are trapped in their existing homes unable to take the next steps.</p><p>On 8 October, the Government published the scheme rules for the Help to Buy: mortgage guarantee scheme. Lenders are now able to sign up to the scheme and originate mortgages that will be eligible for the scheme when it opens in January.</p><p>The figures demonstrate that the Help to Buy: mortgage guarantee scheme is supporting responsible lending. On average households have asked to borrow around £155,000 for houses worth about £163,000, which is below the UK average price of £247,000.</p><p>Once the Help to Buy: mortgage guarantee scheme opens in January, the Government will collect data on mortgages covered by the guarantee, and will report in due course.</p> |