<p>The government’s mortgage guarantee scheme will be extended by a year.</p> <p>HM Treasury announced that the scheme, which allows buyers to purchase a home with a 5% deposit, would run until the end of 2023 when it was originally scheduled to close at the end of this year.</p> <p>Launched in April 2021, the initiative sees the government offering lenders the financial guarantees they require to provide 95% mortgages on homes worth up to £600,000, subject to standard affordability checks.</p> <p>HM Treasury said that 85% of the scheme’s transactions were from first time buyers, with more than 24,000 households helped onto the property ladder under the initiative so far.</p> <p>John Glen, chief secretary to the Treasury, said: “For hard-working families facing today’s challenging economic conditions, it’s right that we continue to help them secure their first home or move into their dream house.</p> <p>“Extending this scheme means thousands more have the chance to benefit and supports the market as we navigate through these difficult times.”</p> <p>The announcement comes as the government’s successful Help to Buy scheme edges closer to its end in March after ten years. Since April 2021, the scheme has been available to first time buyers only, with regional …