“We welcome the announcement that funding for the Help to Buy scheme will now continue until April 2023. This clarity should allow mortgage lenders to continue to help thousands of first-time buyers get a foothold on the housing ladder.
“However, the scheme – which has clearly become a key feature of the new-build market and a crucial helping hand for many prospective homeowners despite being intended as a temporary measure – will be 10 years old by 2023. This is the second time in as many Budgets that the scheme has been extended, so the government should now be looking ahead to the long-term future of the Help to Buy scheme – and what, if anything, will replace it past 2023. An important part of this will be consulting with the industry over the most suitable solutions, so an extension of two years should go some way in ensuring there is enough time to confirm and deliver an approach that will produce the results needed to enable house construction and mortgage lending to continue smoothly for the foreseeable future.”
Notes to Editors
The Intermediary Mortgage Lenders Association (IMLA) is the trade association that represents mortgage lenders who lend to UK consumers and businesses via the broker channel. Its membership unites 43 banks, building societies and specialist lenders, including 16 of the top 20 UK mortgage lenders responsible for more than £180 billion of annual lending.
IMLA provides a unique, democratic forum where intermediary lenders can work together with industry, regulators and government on initiatives to support a stable and inclusive mortgage market. Originally founded in 1988, IMLA has close working relationships with key stakeholders including the Association of Mortgage Intermediaries (AMI), UK Finance and the Financial Conduct Authority (FCA).