A government scheme introduced in 2013 by the coalition government to boost an ailing economy by enabling prospective home-buyers who demonstrate they can afford the repayments, albeit not the full deposit, to buy a home.
LTVs of up to 95% for such buyers enabled by government funding and guaranteeing lenders their top-up, encouraging confidence for lenders to lend and has positively impacted the market.
Not expected to run indefinately. A short term catalyst during the recession probably running until the next election only.
Not available to BTL landlords to rent property.
Restricted to residential sales thus excluding commercial sales.
Controversy exists over whether this will ironically artificially inflate house prices risking a double dip recession.