The government’s Help to Buy scheme for first-time buyers is being wound up three years after it was launched.
Help to Buy has assisted more than 100,000 individuals and couples to buy a home by guaranteeing the mortgage. Lenders have been able to offer more high loan-to-value mortgages of up to 95% using the government’s guarantee.
Around 30 banks and building societies now offer high loan-to-value mortgages so Help to Buy is not needed as much as when it was launched. The last day of the Help to Buy scheme is 31 December.
The Help to Buy equity loan scheme, which offers loans of up to 20% of the home purchase price on new-build properties, is to run until 2020.
