The Prime Minister has announced (9 June) that the government will launch an independent review of access to mortgage finance for first-time buyers, with the aim of making it easier for this group by widening access to low-cost, low-deposit finance such as 95% mortgages.
Currently, soaring house prices, stringent mortgage lending restrictions and high deposit requirements are hampering the ambition of many young people who want to own their own home. Over 50% of today’s renters could afford the monthly cost of a mortgage but various constraints mean only 6% could immediately access a typical first-time buyer mortgage.
This will be the first comprehensive review of the mortgage market for a decade, seeking bold and innovative steps that government and industry can take to support more first-time buyers into homeownership. The review will report back in autumn of 2022.
In the meantime, you can read about the government’s mortgage guarantee scheme.
Two and a half million tenants renting their homes from housing associations will be given the right to buy them outright, the Prime Minister announced on Thursday 9 June. In a speech, he confirmed an extension of the popular Right to Buy scheme, which has made home ownership a reality for two million households since […]
The Prime Minister has pledged (9 June) to change welfare rules so that the 1.5 million people who are in work but also on housing benefit will be given the choice to use their benefit towards a mortgage, rather than automatically going directly to private landlords and housing associations. The welfare system exists as a […]