Buyers supported by government scheme

In July, the Labour government’s permanent Mortgage Guarantee Scheme became available, after the previous iteration supported over 56,000 mortgage completions.

The old scheme, which ran from April 2021 to March 2025, was launched by Boris Johnson’s Conservative government. It helped 56,389 people to access mortgages with smaller deposits, with 3,180 completions in Q1 of this year. The scheme was open to first-time buyers (FTBs), movers and remortgagers, but the vast majority (86%) of purchases from FTBs. Overall, £11.5bn worth of loans was supported by the scheme, with the average property purchased for £215,467.

Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay and early repayment charge to your existing lender if you remortgage.

Sources:

https://www.mortgagestrategy.co.uk/news/mortgage-guarantee-scheme-backs-11-5bn-of-loans/