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Boris Johnson has stated he plans to help Generation Rent become Generation Buy with new proposals to increase availability of long term, fixed rate 95% loan-to-value mortgages. The Prime Minister has said in a statement that following the lockdown, many young people who weathered the storm in rented accommodation have an overwhelming urge to buy their own place, but "Many of them simply can’t – not because they can’t afford the mortgage, but because they can’t afford the deposit!".

The proposal is expected to reflect similarities to the former Help to Buy scheme pushed by the government that offered to underwrite 15% of the mortgage in newly built properties to reduce the risk to lenders and instilling confidence to accept applications from first-time buyers who only have access to a 5% deposit, however these plans are not confirmed as of yet.

Please see the full article via Home Owners Alliance here.

 

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