Market commentators have welcomed the launch of the government’s Mortgage Guarantee Scheme (MGS), which O’Neil Patient believes will result in less need for the ‘Bank of Mum and Dad’ and gifted deposits.
Adam Forshaw, managing director of O’Neil Patient, said the scheme will mean people are more likely to be able to buy independently, and less likely to need a helping hand for their deposit.
The scheme was first announced in Chancellor Rishi Sunak’s Budget speech, and aims to help first-time buyers or current homeowners secure a mortgage with a 5% deposit, in order to buy a house of up to £600,000.