The Chancellor, Rishi Sunak, should be announcing in next weeks budget that first time buyers will be able to obtain a mortgage with a deposit of only 5% of the value of a property under the plan to turn “generation rent” into “generation buy”.
The Treasury will guarantee part of the loan to encourage banks to offer riskier mortgages on properties worth up to £600,000. Treasury officials expect the scheme, which will start in April, to have a big impact on the housing market.
Good News for First Time Buyers!
Source – Times Newspaper