Young first-time buyers will be given a boost in next week’s budget by the return of 95% mortgages. The new scheme, to be unveiled by Chancellor Rishi Sunak on Wednesday, will see more mortgages with deposits of just 5% made available. The Tories are trying to stimulate the housing market and get more younger people onto the housing ladder. Boris Johnson said he wants to “turn generation rent into generation buy”. Mortgages with 5% deposits have been stopped by most banks during the Covid pandemic. The new scheme is to be a successor to the Help to Buy mortgage scheme introduced by David Cameron and George Osborne in 2013, and Treasury officials are hopeful it could have a big impact on the market, the Times reports. It comes as Mr Sunak also is expected to announce that the stamp duty deadline of March 31 is extended for up to three months longer. Currently all property purchases up to £500,000 are exempt from stamp duty, but the holiday is due to end next month, prompting fears of a “cliff-edge” and thousands of sales collapsing if they miss the deadline. The Government says the scheme will support the housing market, protect jobs… Read full this story
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