NEW CHANCELLOR HAS ANNOUNCED THE ENDING OF THE HELP TO BUY GUARANTEE SCHEME
- 30 Sep
Phillip Hammond, the new Chancellor, has announced that the Help to Buy scheme will be closed at the end of the year, Sky News reports
Mr. Hammond announced the ending of the Help to buy guarantee scheme in a letter to the Bank of England governor, Mark Carney.
According to him, the scheme was introduced with a specific purpose which has been successfully achieved and that it would close at the end of the year.
In Autumn 2013, the Help to Buy scheme was launched by Mr. Osborne in his statement as a "landmark" scheme that would help thousands of Britons on the housing ladder. This meant buyers only needed to find a deposit of 5% of the value of their home, with a mortgage covering the remaining 95%.
When its closure was announced, the Treasury published new figures revealing that over 86,000 households have been supported by the initiative. However, the government says it is no longer needed as confidence has returned to the market, with more private lenders offering 90% to 95% mortgages.
Mr. Hammond added this in his letter:
"It is important to note that the end of this particular scheme does not diminish in any way the Government's commitment to supporting those who get on the housing ladder."
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