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During the Budget yesterday, Chancellor Rishi Sunak introduced a new Mortgage Guarantee Scheme in order to encourage lenders to offer 95% LTV mortgages.
The mortgage guarantee scheme will give confidence to lenders returning 91%-95% LTV. Enabling households to purchase new build or existing homes. Helping first-time-buyers and existing homeowners alike.
The Mortgage Guarantee Scheme will boost the housing market according to Andy Scaife, chief executive of O’Neill Patient.
The Labour leader said more council houses should be built by the government adding: “So much for generation buy!”.
The news of the stamp duty holiday extension and Mortgage Guarantee Scheme in today’s Budget has been widely welcomed by the industry but has also attracted some criticism.
Chancellor Rishi Sunak confirmed the launch of a Mortgage Guarantee Scheme, to help those with lower deposits onto the housing ladder.
Customers and lenders need a government-backed 95% LTV mortgage scheme in the wake of the pandemic, according to Phil Bailey, director at Twenty7Tec.
A mortgage guarantee scheme to help prospective homeowners with smaller deposits onto the property ladder is set to be announced in the Budget on Wednesday 3 March.
A mortgage guarantee scheme to help prospective homeowners with smaller deposits onto the property ladder is set to be announced at the Budget on Wednesday 3 March.
More than three in 10 people feel less confident about their ability to purchase their first home due to the economic uncertainty created by Brexit.