Since its launch in 2021 to March this year, the number of completions through the mortgage guarantee scheme has come to 44,368, according to figures
Mortgage guarantee scheme completions have reached more than 44,000 since launch.
Since its launch in 2021 to March this year, the number of completions through the mortgage guarantee scheme has come to 44,368, according to figures.
As per the latest mortgage guarantee scheme figures from HM Treasury, this accounts for nearly 1.5% of all resident mortgage completions in the UK during the period.
The total value of the guarantees under the scheme is £1.2 billion, and the overall value of loans supported by the scheme is £8.5 billion.
The mortgages used to finance properties were worth £9 billion in total.
Nearly 86% of mortgage guarantee schemes to date have been for FTBs, coming to 38,323.
The figures show that the mean value of property bought or remortgaged through the mortgage guarantee scheme at the end of March was £203,673. This compares to the average UK house price of £283,000.
Nearly 24% of mortgage completions through the scheme to date are in the £150,001-200,000 band, with 23% at the lowest house price band of up to £125,000.
The report noted that over half of completions are between £125,001 and £250,000, and only 26% of mortgage completions are on properties valued at more than £250,000.
Regarding property type, most mortgage completions through the scheme were for terraced homes, at 35%. This was followed by semi-detached, at 30%, and flat or maisonette, at 23%.
Looking at borrowers, just below half of households who completed a mortgage through the mortgage guarantee scheme have a household income of up to £50,000.
The median household income is £50,508, while the mean household income is £55,862.
Households with an income of more than £80,900 make up just 15% of all completions.
England made up nearly 69% of total mortgage guarantee scheme completions. The most popular regions were the North West at 12%, followed by the South East at 11%, with Yorkshire and the Humber, East Midlands, West Midlands and East of England all coming to 8%.
Scotland made up 22% of total completions, with Wales making up 5% and Northern Ireland making up 3%.