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Revolutionary plans underway to empower first-time buyers and transform the housing market

Revolutionary plans underway to empower first-time buyers and transform the housing market

The UK government is considering extending its mortgage guarantee scheme to help first-time buyers in the upcoming Autumn Statement. The scheme, which was introduced in March 2021, allows borrowers to take out a mortgage with a 5% deposit. The Treasury is looking at making the scheme available for another year, as part of a package of measures to help people get on the property ladder. Other measures being considered include a new Individual Savings Account (ISA) to encourage potential buyers to save for their first home, and increasing the upper limit on house purchases funded by a Lifetime ISA. No decisions have been taken yet, and they depend on official forecasts of the health of the public finances.

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