The government has pledged to develop a new, permanent comprehensive mortgage guarantee program designed to open up home ownership for more young families and renters.
New details of the new mortgage guarantee plan will be announced in due course and will replace the existing mortgage guarantee plan that will expire this year.
The government believes that by making mortgage guarantee programs permanent and comprehensive, banks and construction societies will have long-term confidence to continue to provide low-exclusion mortgages.
Commenting on Launch City Minister Emma Reynolds said: “Politicians have long been hiding and evading the decisions needed to support home ownership.
“Simplifying responsible loan rules and creating a permanent mortgage guarantee plan demonstrates our dream of making home ownership a reality. I will work closely with regulators and the industry to support as many people as possible to come Do this.”
Housing Secretary Matthew Pennycook said: “The affordability challenge faced by first-time buyers means we have now locked a generation out of the house. The government is determined to change that change to ensure that Young families and hardworking renters can buy their own homes.”
He added: “This commitment to the new mortgage guarantee scheme means that first-time buyers, including young families, will be able to take this critical first step into the property ladder with only a small amount of deposits, which is a response to home ownership. one of the biggest obstacles and give them the stability they need for future plans.
