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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 step.</p><p>On 8 October, the Government published the scheme rules for the Help to Buy: mortgage guarantee scheme, allowing lenders to sign up to the scheme and originate mortgages that will be eligible for the scheme when it opens in January.</p><p>The Government has worked with participating banks to collect data on the first month of the scheme. More than three quarters of the applicants are first-time buyers and many in their early 30s, demonstrating that the Help to Buy: mortgage guarantee scheme is helping hardworking people realise their home-owning aspirations.</p><p>The banks have received applications from across the country with more than three quarters coming from outside London and the south-east.</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> |