Labour pledges “Freedom to Buy” mortgage guarantee expansion

The Labour party has pledged to expand and make permanent the Conservatives’ mortgage guarantee scheme which it says will help 80,000 more young people onto the housing ladder.

Labour said it planned to rebrand the initiative “Freedom to Buy”, to assist more first-time buyers into home ownership over the next five years. The Conservatives’ mortgage guarantee scheme, introduced in 2021 to help people access a mortgage with a low deposit, is currently set to end in June 2025.

The Labour party claimed that making the scheme permanent would increase the availability of mortgages, lowering the cost for low-deposit buyers.

Keir Starmer, Labour’s leader, reiterated that his party was on the “side of the builders, not the blockers”, adding: “My Labour government will help first-time buyers onto the ladder with a new Freedom to Buy scheme for those without a large deposit, and by giving them first dibs on new developments.

“My parents’ home gave them security and was a foundation for our family. As prime minister, I will turn the dream of owning a home into a reality. “

The announcement comes as the Home Builders Federation (HBF) launches its housing policy “blueprint” for growth for …