With the impending closure of Help to Buy what are young people to do?

In a little over two months’ time, the Government’s Help to Buy mortgage scheme will close to new applicants. Launched in the wake of the financial crisis to boost the UK housing market, the flagship scheme provides financial support and guarantees to mortgage lenders to ensure that they continue to offer mortgages with 5% deposits. The scheme was launched in 2013 and since then, close to 90,000 borrowers have taken advantage of it. But the scheme will close on December 31 despite growing evidence that the UK housing market is slowing down and warnings that the vote to leave the European Union will result in falls in property prices. A number of the major lenders have led demands that the Government extends the scheme but, to date, these appear to have fallen on deaf ears. What is the Help to Buy Scheme? The Help to Buy scheme was introduced to help people with smaller deposits get on the housing ladder. In England, it can be used to help purchase houses valued at up to £600,000
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