Chancellor Rishi Sunak delivered hope to millions of house buyers today as he announced a stamp duty holiday extension alongside new 95% mortgages for buyers. The new mortgage guarantee scheme, first confirmed last week, will help raise home ownership numbers from April, the Chancellor said. Sunak confirmed the news in the Commons earlier amid a record low in 95% mortgages. Right now, there are just eight products on the market, with banks pulling the ‘risky’ loans since the start of the pandemic. But there are already fears that the new scheme – designed primarily to help first-time buyers get onto the ladder – will lead to a surge in demand and rising house prices, putting properties further out of reach for many. “This is a policy that gives people who can’t afford a big deposit the chance to buy their own home,” Sunak told MPs. “As the prime minister has said, we want to turn generation rent into generation buy. “Lenders who provide mortgages to homebuyers who can only afford a 5% deposit will benefit from a government guarantee on those mortgages. “I’m pleased to say that several of the country’s largest lenders including Lloyds, NatWest, Santander, Barclays and HSBC will… Read full this story
- Australian housing market: The hidden costs of buying a fixer-upper
- The cost of Sanders' agenda would set a peacetime US record
- Budget 2020: Moneycontrol manifesto for Modinomics 2.0
- From single parents to landlords: how will the budget affect people?
- Mayor Bill De Blasio Unveils $95.3 Billion NYC Budget, Officials Fear Cuts In State Aid
- Trump signs budget deal and suspends debt ceiling until 2021
- Trump's 355-ship pledge complicates the Navy's budget dilemma
- Pound falls below $1.30 as fears of Bank of England interest rate cut grows
- Prince Harry and Meghan Markle’s decision to step back raises questions over monetisation of royal brand
- 'I thought a woman could win. He disagreed': Elizabeth Warren doubles down on feud with Bernie Sanders and confirms he told her a female candidate COULDN'T win
Budget 2021: Return of 95% mortgages confirmed - but fears raised of 'hidden cost' have 322 words, post on www.mirror.co.uk at March 3, 2021. This is cached page on Europe Breaking News. If you want remove this page, please contact us.