There was very little help for the mortgage and property market in the Autumn Statement 2023 but equally there were no additional negative pressures given the property market is under strain with sustained, higher interest rates.
Mortgage Guarantee Scheme Extended
The Chancellor has confirmed that the Mortgage Guarantee Scheme offered by the government to lenders to support the low deposit, 95% Loan-to-Value (LTV) mortgage market was supposed to end on 31 December 2023, but this has now been extended for new 95% LTV mortgages by 18 months until 30 June 2025. This will still help low deposit borrowers get on the property market whilst protecting lenders from toxic debt and defaults if borrowers get into trouble.
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