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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>In the one month since the publication of the scheme rules on 8 October, more than 2,000 people have put in applications to lenders under the Help to Buy: mortgage guarantee scheme totalling £365 million of new mortgage lending. Lenders will submit details of their loans to the Scheme when it opens in January. Once the Scheme opens in January, the Government will collect data on mortgages covered by the guarantee, and will report in due course.</p><p>More than three quarters of the applicants to date are first time buyers demonstrating that the Help to Buy; mortgage guarantee scheme is helping hardworking people realise their home-owning aspirations.</p> |