"The withdrawal of the Help To Buy Equity Scheme will leave many first time buyers wondering how they are going to get a foot on the property ladder. Whilst there are 95% loans available, the first time buyer is often excluded from this type of product, due to being perceived as a higher risk client.”
Only time will tell what is in store next for First Time Buyers and the UK Builders”
The Government has announced the end of George Osborne's home ownership Help to Buy mortgage guarantee scheme after fewer than three years. The scheme offered first-time-buyers the opportunity to buy a home with a government-backed loan worth up to 95 per cent of the property. However, Mr Hammond said that more than 30 commercial lenders are now offering loans outside the scheme, meaning that the "specific purpose" of the scheme has now been "successfully" achieved.