Shapps unveils NewBuy mortgage guarantee scheme | Money | guardian.co.uk
A government scheme aimed at kick-starting the housing market by underwriting 95% mortgages will be available to people spending up to £500,000 on a new-build property, the housing minister has announced.
The NewBuy Guarantee scheme, which will be launched in March, will allow lenders to offer large mortgages on new-build homes without taking on all of the risk: they will be guaranteed not to lose money if the property falls into negative equity and is repossessed, with the mortgage indemnity funded by developers and taxpayers.
The scheme had been heralded as a way to get first-time buyers back into the market, with the prime minister suggesting it could help 100,000 buyers frozen out by a lack of finance.
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