{"id":75403,"date":"2022-12-19T22:44:03","date_gmt":"2022-12-19T22:44:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/12\/19\/low-deposit-mortgage-scheme-extended-for-a-year\/"},"modified":"2022-12-19T22:44:03","modified_gmt":"2022-12-19T22:44:03","slug":"low-deposit-mortgage-scheme-extended-for-a-year","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/12\/19\/low-deposit-mortgage-scheme-extended-for-a-year\/","title":{"rendered":"Low-deposit mortgage scheme extended for a year"},"content":{"rendered":"
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A mortgage guarantee scheme designed to help people climb the real estate ladder is set to be extended by a year.<\/b><\/p>\n<\/div>\n

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The government said the scheme, which should be completed at the end of December, would help shoppers “navigate through difficult times”.<\/p>\n<\/div>\n

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It was originally developed to encourage lenders to provide home loans to people offering a 5% down payment – a product that was far less available during Covid.<\/p>\n<\/div>\n

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Some lenders are still playing it safe as buyers confront the rising cost of living.<\/p>\n<\/div>\n

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Chief Secretary to the Treasury John Glen said: “For hard-working families faced with today’s challenging economic conditions, it’s right that we continue to help them secure their first home or move into their dream home.<\/p>\n<\/div>\n

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“The extension of this program means thousands more have the opportunity to benefit and supports the market as we navigate these difficult times.”<\/p>\n<\/div>\n

\n
\n
    \n
  • Interest rates raised to highest level in 14 years<\/li>\n
  • Millions face a \u00a3250 monthly mortgage increase over the next year <\/li>\n
  • What will happen to real estate prices?<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    The mortgage scheme has a limit of \u00a3600,000 and is mainly used to help first-time buyers.<\/p>\n<\/div>\n

    \n

    These 95% loan-to-value mortgages are often considered riskier by banks because they are more vulnerable to falling home prices when there is a risk of people owing more than their home is worth.<\/p>\n<\/div>\n

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    Under the scheme, the government assumes some of the risk and compensates the lender for part of the loan if the property is repossessed.<\/p>\n<\/div>\n

    \n

    It started in April last year and the government said it has helped more than 24,000 households.<\/p>\n<\/div>\n

    \n

    Some brokers have indicated that the program has done its job by bringing more low-deposit mortgages to market, but others have indicated that only a small number of lenders have used the program.<\/p>\n<\/div>\n

    \n

    Many mortgage lending providers generally only award to people with a regular income, regardless of government incentives, and still carry out affordability tests.<\/p>\n<\/div>\n

    \n

    Unemployment figures are expected to rise and the UK housing market to slow. <\/p>\n<\/div>\n

    \n

    A recent survey by the Home Societies Association found that 14% of people thought now was a good time to buy a property, but 47% thought now was not a good time to buy a home.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    A mortgage guarantee scheme designed to help people climb the real estate ladder is set to be extended by a year. The government said the scheme, which should be completed at the end of December, would help shoppers “navigate through difficult times”. 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