Are 5% deposit mortgages the answer to first-time buyer crisis? | Mail Online
First-time buyers could buy a new home with as little as a five per cent deposit under a new Government scheme. The aim is to boost the flagging housebuilding market and help young buyers on to the ladder. How will the plan work?
What has the Government announced?
A form of mortgage indemnity programme to help buyers – not just first-timers – of new-build homes in England access mortgage funding. Both the Government and housebuilders will effectively take on some of the risk so that buyers need only a five per cent deposit to be accepted by a bank for a loan.
Mortgage lenders have been demanding at least a 15 or 20 per cent deposit. It is thought 100,000 loans could be made available in this way.
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