Over 56,000 house loans have thus far used the Mortgage Guarantee Scheme geared toward first-time consumers, which closed down after 4 years earlier this summer time.
The programme noticed 56,389 loans accomplished underneath 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 underneath the programme, the most recent Treasury information reveals.
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 houses, for FTBs, homemovers and remortgagers.
The scheme, additionally known as Freedom to Buy, was a manifesto pledge Labour made within the run-up to the General Election final July.
