The UK government has announced that the Mortgage Guarantee Scheme will be extended by an additional year until December 2023. This program, which was launched in April 2021, is designed to help individuals with 5% deposits on a property purchase to enter the housing market.
Under the scheme, the government provides lenders with the financial guarantees they need to offer mortgages that cover the remaining 95%, subject to affordability checks, for homes worth up to £600,000.
To date, the Mortgage Guarantee Scheme has assisted over 24,000 households in achieving their homeownership goals. The extension of the program until the end of 2023 will provide even more opportunities for individuals and families to secure their first home or move into their dream property.
Chief Secretary to the Treasury, John Glen MP, remarked that “extending this scheme means thousands more have the chance to benefit, and supports the market as we navigate through these difficult times.”
At MI Accountants and Tax Advisers we offer exceptional client service in the areas of personal and business tax services. We understand the complexity and nuances of the tax laws, and our team is well-equipped to provide tailored advice and solutions to help you meet your tax obligations.
We also specialize in providing high-quality services to non-domiciled individuals in the UK. Our team has deep expertise in navigating the unique tax and financial considerations faced by non-domiciled individuals, and we are dedicated to helping you achieve your goals and optimize your financial position
For a FREE telephone consultation please get in touch HERE