Extend the Help to Buy Equity Loan Scheme in it’s current form for a further 2 yrs and re-introduce Help to Buy Mortgage Guarantee to help fix the Mortgage Market. The housing market will not struggle due to demand, it will struggle with people not being able to obtain reasonable finance
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Families in the housing market are unable to plan due to the economic impact Covid-19 is having on the Mortgage Market.Lenders are becoming restrictive resulting in a mini credit crunch.Many people want to purchase their home but are unable to do so due to large deposits required, rates increasing even though the BoE base rate is at a historically low level, lenders are being very cautious. The two Help to Buy Schemes would help given these are the tools used to get us out of the credit crunch.