Government extends mortgage guarantee scheme to help first-time buyers

The mortgage guarantee scheme helps those with 5% deposits secure high loan-to-value mortgages.

Couple looking in an estate agent's window
(Image credit: © Alamy)

The government is extending its mortgage guarantee scheme, which helps those with small deposits buy their first home, until December 2023.

The extension comes as analysts are predicting a slump in house prices next year due to higher mortgage rates, the rising cost of living and an impending recession.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.