First time buyers are a necessity within the UK housing market and required just as much as lenders. After this group solves the daunting task of obtaining their first property, they evolve eventually into the stable class of everyday homeowners. They define a generation in many ways, but the biggest way is in the ability to afford a residence and take that much important life step into ownership of a home. The help to buy scheme has helped thousands take that step, but the scheme is ending at the end of this year.

People in search for their first property with little to no down payment has been able to turn to the government programme known as help to buy. It assists those who need help pulling together enough money to place a deposit on a home for purchase. Those with assistance from help to buy are benefitted by the government assuming risk for a part of the mortgage in the instance house values fall.

With help to buy prospective buyers are able to gain access to the elusive first rung of the property ladder without taking all the risk and obtaining a first residence at the same time. The programme has been essential to many without the needed funds to afford a first house and this has benefitted the housing market overall.

Charlotte Nelson of personal finance site Moneyfacts commented on the end of the programme, saying: “It is still unknown what effect the Help to Buy mortgage guarantee scheme ending this year will have, but the number of products at 95 per cent LTV is likely to dwindle yet again, providing a further blow to borrowers with small deposits who were getting accustomed to the plethora of choice they had.”