Help to Buy Mortgage Guarantee Scheme to end.
Teresa May has announced the end of David Cameron’s flagship help-to-buy mortgage guarantee scheme.
The £12bn scheme has helped more than 86,000 households get on the property ladder since it was announced by George Osborne in 2013.
The mortgage guarantee allowed first-time-buyers the opportunity to purchase a home with a 5% deposit together with a government backed guarantee.
Other elements of the Help to Buy such as the ISA and equity loan will remain available for the foreseeable future.
Up to 30 commercial lenders are offering mortgage deals outside the scheme but critics are concerned the number of deals currently offered could be halved.
The Chancellor claims the scheme has served its specific purpose as confidence has now returned to the market.
The Sittingbourne housing market has experienced huge demand in recent years and as a result, many buyers looking to take advantage of the scheme were unable to secure a property. Competing with buyers in a much stronger positions forced many first-time-buyers to save higher deposits.