In a significant move to support first-time buyers and renters, the UK government has confirmed that a new mortgage guarantee scheme will be launched. The new scheme will replace the existing mortgage guarantee scheme, introduced by the previous government in 2021, which is due to close in June 2025.
Specific details of how the new scheme will work are yet to be revealed. Under the current scheme, the government has offered lenders financial guarantees to provide 95% mortgages on homes worth up to £600,000.
This initiative aims to make homeownership more accessible, particularly for young families and hardworking individuals who have been struggling to get on the property ladder.
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