Should I get a Help to Buy mortgage before the scheme ends?

Q: Should I get a Help to Buy mortgage before the scheme ends? I'm looking to buy, but have heard this scheme is ending in December. Is that the deadline for applications or having an offer?


The withdrawal of the Help To Buy Mortgage Guarantee scheme at the end of this year has recently been confirmed by the Chancellor. This was the original, scheduled date for withdrawal but has raised questions about what the impact might be on mortgage rates.

Since the scheme was introduced, the number of deals available to those with only 5% to put down as a deposit has grown substantially. The guarantee helped bring lenders back to the market and that in turn encouraged others to develop products.

There’s now a much better choice of lender and products for those with only a small deposit and that competition has also helped to improve rates.

Guarantee-backed products remain available and some carry completion deadlines into the New Year. However, many lenders now offer deals without any reliance on the mortgage guarantee, so the choice of deals should remain plentiful even after the guarantee is withdrawn.

Answered by David Hollingworth, London & Country 


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