Mortgage guarantee scheme completions rose to 42,836 in Q4


Since its launch in April 2021 until December 2023, 42,836 mortgages have been completed via the scheme

There were just 1,784 mortgages completed using the government’s mortgage guarantee scheme in the last three months of 2023, according to HM Treasury figures.

Since its launch in April 2021 until December 2023, 42,836 mortgages have been completed via the scheme. This represents 1.3% of all residential mortgage completions in the UK over the same time period.

The initiative was originally scheduled to close at the end of 2023, but was extended in last year’s Autumn Budget and is open to new business until 30 June 2025.

Around 85% of these purchases made so far have been by FTBs.

The total value of mortgages supported comes to £8.2 billion, which have been used to finance properties worth £8.7 billion collectively. The value of guarantees through the scheme amounts to £1.2 billion.

Since launching, the number of completions each month has ranged between 546 and 757, but December 2023 saw the lowest number of completions, at 498.

The average value of a property bought or remortgaged via the mortgage guarantee scheme to the end of September 2023 was £202,713, compared to the average UK house price of £284,691.

Nearly 23% of completions were for homes worth up to £125,000, while 52% of properties had a value between £125,001 and £250,000.

Just a quarter of completions were against homes worth over £250,000.

Terraced houses make up the biggest share of homes mortgaged through the scheme, at 35%. This is followed by semi-detached properties, which account for 30% of completions, then flats or maisonettes, which make up 23%.

Just 7% of homes mortgaged through the scheme were detached, 3% were bungalows and 2% were other.

Fewer than half of the households that completed a mortgage with the support of the scheme had an income of up to £50,000.

The average household income came to £55,384, and 14% of all completions were from households with an income of over £80,000.

Households with an income of between £40,001 and £50,000 made up the biggest share of completions, accounting for 21%.

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