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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 Government has worked with participating banks to collect data on the first month of the Scheme. The figures demonstrate that Government-backed Help to Buy 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>More than 2,000 people have put in offers on homes under the Scheme totalling £365 million of new mortgage lending. More than three quarters of the applicants are first time buyers and many in their early thirties, demonstrating that the Help to Buy: mortgage guarantee scheme is helping hardworking people realise their home-owning aspirations.</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> |