Rishi Sunak is expected to announce a new mortgage guarantee scheme when he reveals the Budget on Wednesday (3rd March).
The scheme is expected to give lenders incentives to offer mortgages to potential buyers that have a 5% deposit saved. The good news is that it appears that this scheme will not be restricted to first time buyers or new-build homes, but there will be a £600,000 limit.
If confirmed, it is expected to provide a major boost to the property industry, with many people having been put off purchasing properties over recent months due to many lenders refusing to offer mortgages to potential home owners unless they had a deposit of at least 10% or higher.
Prime Minister Boris Johnson has said several times that he wants to turn ‘generation rent into generation buy’ and this move is expected to be the first of many to support his promise.
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