A new mortgage guarantee scheme to help buyers with small deposits will be revealed on Wednesday at the Budget.
Chancellor Rishi Sunak is to reveal incentives to lenders, bringing back 95 per cent mortgages which "virtually disappeared" during the pandemic, according to HM Treasury.
The scheme is not restricted to first-time buyers nor to new-build homes, and will apply to purchases up to £600,000.
The government says this is making a reality of a pledge put forward by Prime Minister Boris Johnson last year to turn ‘Generation Rent’ into ‘Generation Buy.’
Johnson says: "Young people shouldn't feel excluded from the chance of owning their own home and now it will be easier than ever to get onto the property ladder.”
And Sunak adds: “Owning a home is a dream for millions and we want to help as many people as possible."
Low-deposit mortgages fell from favour during the pandemic as lenders became worried about house prices remaining solid as emergency measures are withdrawn later this year.
HM Treasury has been in discussion with lenders for some weeks and is to introduce the new scheme from next month, April.
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Extending the stamp duty deadline and then making it easier to borrow, is like calling the fire brigade and then throwing more petrol on the fire.
Homeownership affordability can't be improved by fueling demand.
you are so correct. I feel this one is going to bump up the prices even more. Is this what we want?
Eventually all houses will be in the hands of select few and normal people will be forever tenants
Is this good news? Generation Rent, could easily find itself - Generation Negative Equity - if as has been predicted by some sources repossessions reach a level in excess of 20,000 by 2023. Also the inniative may only serve to inflate an already high market, out of kilter with a fundamentally flawed economy.
Will it be another quick sound bite that appeases the housing market, some pundits are saying far better the Chancellor stops tinkering and starts some original thinking.
Or just leave the market alone altogether and let it find its own feet for once.
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