From the FT:
Under the [new] equity loan scheme, the government [will lend] buyers up to 20 per cent of the value of a new-build home priced below £600,000, interest-free for five years. The buyer has to put down a deposit of at least 5 per cent.
The mortgage guarantee scheme will give buyers of all properties – not only new build – the ability to borrow with only a 5 per cent deposit. The government will guarantee up to 15 per cent of the home loan as an insurance policy for the banks, as long as the property is valued at less than £600,000.
Existing homeowners can also use the scheme to remortgage their property...
'Nuff said?
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1 comments:
Would I be correct in assuming that this will push up / sustain house prices at a figure of ooooo, say, at a rough guess, what 20% higher than they would otherwise be?
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