Countrywide Chief Executive, Grenville Turner, welcomes the announcement from Grant Shapps to “put housing centre stage”, commenting:
"Today’s announcement by the Housing Minister is a positive signal of the government’s intentions to bring housing to the forefront of the political and economical agenda. We are pleased to see that the new build mortgage indemnity scheme — now called the new buy guarantee scheme will be accessible to the wider home buying population and not just limited to first time buyers.
As deposit affordability continues to be one of the most restrictive barriers to purchasing a property, we are seeing a greater level of competiveness from lenders in the higher LTV mortgage range and opening up the restrictions on prospective buyers who can access the new buy guarantee scheme, can only be a good thing for the market. This new buy guarantee scheme will allow prospective home owners take advantage of up to 95 per cent mortgages to purchase new build houses and flats up to £500,000.
“In addition, we welcome any measures that provide added protection to leaseholders in the current climate. As the UK’s leading lettings network, we have seen rental demand increase significantly, leading to a serious shortage of rental properties available to let. With an average of five tenants competing for each available rental property, any Government support to encourage investment in the buy-to-let sector and assist leaseholders to stay in their home when their lease comes to an end.”
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