Help to buy will be extended until the end of the decade in this week’s Budget, the chancellor has announced and reported today by Inside Housing:
Speaking on the BBC ahead of Wednesday’s announcement, George Osborne said the first phase of the controversial mortgage scheme would run until 2020.
According to the Homes and Communities Agency guide, phase one of the scheme was due to end on 31 March 2016 or earlier if funding ran out.
Help to buy allows buyers of new build homes to receive a government-backed loan of up to 20 per cent of the purchase price, which provides mortgage guarantees to buyers with 5 per cent deposits.
House builders had lobbied Mr Osborne to announce a tapered end to the scheme, to provide certainty over how the scheme would be wound up.