Over 56,000 dwelling loans have thus far used the Mortgage Guarantee Scheme aimed toward first-time patrons, which closed down after 4 years earlier this summer season.
The programme noticed 56,389 loans accomplished beneath its assist because it was launched in April 2021 to March of this 12 months, with 86% of the take-up coming from FTBs.
The worth of loans supported by the scheme since launch is £11.5bn, whereas £1.7bn of ensures have been prolonged beneath the programme, the newest Treasury knowledge exhibits.
There had been 3,180 completions within the first three months of this 12 months.
The imply worth of a property bought or remortgaged by way of the scheme to the top of March 2025 is £215,467, in comparison with a mean UK home worth of £271,000.
This programme noticed the federal government assure lender’s mortgages with lower than 10% deposits on new construct and current properties, for FTBs, homemovers and remortgagers.
However, Labour closed this scheme on the finish of June, in favour of its personal “everlasting” Mortgage Guarantee Scheme, which helps homebuyers with a deposit as small as 5%.
The scheme, additionally known as Freedom to Buy, was a manifesto pledge Labour made within the run-up to the General Election final July.
