Mortgage guarantee scheme extension

We have done many 95% mortgage guarantee scheme mortgages. They are like other loan to value mortgages but many lenders put restrictions in place with things such as capping affordability and stricter credit scoring. This has always been the case with 95% LTV mortgages, and it is also important to remember that not all 95% LTV mortgages are government-backed, so when this scheme is withdrawn in December, it does not necessarily mean the death of all 95% LTV mortgages. The benefits of 95% LTV mortgages outweigh the negatives, as they give first-time buyers a chance to get on the ladder. However, it's getting more difficult for first-time buyers to buy their home, that's a fact. Increasing rates, increasing outgoings and stagnant wages are causing affordability issues for first-time buyers, especially the saving of a deposit. Like any mortgage, the advice should be bespoke to the client, and if you can afford a 10% deposit, then why would you want to use this scheme? Increased credit scoring and lower income multiples make it a harder mortgage to obtain and with the uncertainty of house prices, you have a bigger chance of being in negative equity should house prices decrease making it nearly impossible to remortgage. You should only use this scheme if you need to.