The Prime Minister has announced (9 June) that the government will launch an independent review of access to mortgage finance for first-time buyers, with the aim of making it easier for this group by widening access to low-cost, low-deposit finance such as 95% mortgages.
Currently, soaring house prices, stringent mortgage lending restrictions and high deposit requirements are hampering the ambition of many young people who want to own their own home. Over 50% of today’s renters could afford the monthly cost of a mortgage but various constraints mean only 6% could immediately access a typical first-time buyer mortgage.
This will be the first comprehensive review of the mortgage market for a decade, seeking bold and innovative steps that government and industry can take to support more first-time buyers into homeownership. The review will report back in autumn of 2022.
In the meantime, you can read about the government’s mortgage guarantee scheme.
Over 350,000 young people and families have been helped into homeownership with Help to Buy since its launch in 2013. The major milestone was reached as the official Help to Buy statistics were published on 11 May 2022. The statistics show: 355,634 properties have been bought with a Help to Buy: Equity Loan since its […]
The Prime Minister has pledged (9 June) to change welfare rules so that the 1.5 million people who are in work but also on housing benefit will be given the choice to use their benefit towards a mortgage, rather than automatically going directly to private landlords and housing associations. The welfare system exists as a […]