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<p>The path to lower interest rates is through low inflation, and the Government is
fully committed to supporting the Bank of England get inflation back down to the 2%
target, including by keeping borrowing under control.</p><p>While the pricing of mortgages
is ultimately a commercial decision for lenders in which the Government does not intervene,
our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed
rates are now lower compared to their peak in Summer 2023.</p><p>The Government is
committed to making the aspiration of homeownership a reality for as many households
as possible and consequently operates a range of schemes that aim to increase the
supply of low-deposit mortgages for credit-worthy households, including first-time
buyers, increase the availability of new housing, and stimulate economic growth. These
include the Mortgage Guarantee Scheme, which is open until the end of June 2025. We
also help first-time buyers to save for a deposit through the Lifetime ISA and Help
to Buy: ISA.</p><p>Over 876,000 households have been helped to purchase a home since
spring 2010 through government-backed schemes.</p>
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