Inform Accounting - Blog 2023

Government extends Mortgage Guarantee Scheme

Written by Inform Accounting | Jan 9, 2023 12:00:00 AM

The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping people with 5% deposits on to the property ladder.

Under the scheme the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual affordability checks, on a house worth up to £600,000.

Launched in April 2021, the scheme has already helped over 24,000 households. It was originally planned to close at the end of 2022 but will now be extended until the end of 2023.

More information can be found on the GOV.UK website.