THE government’s announcement of the NewBuy Guarantee to give first time buyers the chance to buy a new build home with a lower deposit has been welcomed by Wealden MP Charles Hendry.
The NewBuy Guarantee will enable an estimated 100,000 prospective and existing homeowners to buy their dream home with much smaller deposits than currently required.
Three leading high street lenders and seven of the country’s biggest building firms will begin to offer mortgages on newly-built properties to people with just a five per cent deposit.
Charles Hendry said: “In recent years it has become increasingly difficult for first time buyers to get their first step on to the property ladder.
“I fully support this scheme, as it will give a new generation of home buyers the help they need to become home-owners and also help to jumpstart the stalled housing market.”
“It is a scheme that is especially relevant here in Wealden, where house prices are so far above the national average, which makes it even more difficult for buyers to put down the deposit needed.”