The scheme was launched on 8th October 2013. Under the scheme, buyers will need to raise only 5% of the property value as a deposit, while the government will then provide a guarantee to the mortgage lender for up to a further 15% up a maximum property value of £600,000. The scheme is available to both new-build and existing properties.
Bank of England Governor Mark Carney sent a letter to Chancellor Philip Hammond in late September 2016 explaining that the current health of the mortgage market meaning borrowers have become less reliant on it and therefore the falling use of the scheme means it should close as planned at the end of the planned three-year term on 31st December 2016.
It is important to note that the mortgage market has changes since the beginning of this scheme with more lenders offer up to 95% loan to value mortgages that not linked to the Help to Buy scheme.