The Government’s Mortgage Guarantee Scheme recorded 37,376 mortgage completions from its launch in April 2021 to the end of March 2023.
According to data released by HM Treasury, this represented 0.9% of all residential mortgage completions in the UK during that time period.
The Mortgage Guarantee Scheme launched on 19th April 2021, and offered lenders the option to purchase a guarantee on mortgage loans where the borrower has a deposit of less than 10%.
The scheme can be used for mortgages on both new-build and existing homes, and by first-time buyers, movers and remortgagers.
There were an additional 1,938 completions under the scheme up to the end of March 2023.
The corresponding value of these guarantees was £1bn, while the overall value of loans supported by the scheme was over £7bn.
The mean value of a property purchased or remortgaged through the scheme to the end of March 2023 was around £197,472, compared to an average UK house price of £285,009.
The majority of mortgage completions through the scheme to date were on terraced houses, making up 35% of total completions.
24% of completions in the scheme were for flats or maisonettes, while completions for detached houses and bungalows were much lower, making up 7% and 3% of the total respectively.
More than half of households which completed a mortgage with the support of the scheme had a household income of between £0 and £50,000.
Take-up was lower for those on higher incomes; households with an income over £80,000 made up 13% of all completions.
