Low uptake for Government’s flagship mortgage scheme

Rishi Sunak’s mortgage guarantee scheme has been used by just nine first-time buyers a day. When the Chancellor first unveiled state-backed 5% deposit mortgages in March, they were hailed as a life-line for potential first-time buyers struggling to save a deposit. However, figures have revealed that take-up has been slow. Between mid-April and the end of June just 812 mortgages completed using the support scheme, equal to 0.7% of all residential mortgage completions, according to figures published by the Treasury. Of the borrowers who used the scheme, only 666 were first-time buyers. Neal Hudson of Built Place, an analyst, said: "The numbers are definitely very low. There will, however, inevitably be a delay because borrowers using the scheme will have had to do so in the early stages of their buying process." 

The Daily Telegraph (03/12/2021)