SCHEME to help buyers get on housing ladder
The Government confirmed plans to help first-time buyers by underwriting mortgages on new-build homes to make the “dream of home ownership” a reality for more people.
It is hoped the scheme will allow people to purchase newly-built homes with deposits of around five per cent rather than the 20 per cent now regularly demanded by commercial lenders.
Many would-be first-time buyers have found themselves trapped in the rental sector as they cannot raise the large deposits needed.
Lenders have gradually been bringing back deals needing lower deposits but there are complaints that terms are too restrictive.