Prime Minister Boris Johnson has announced his plan to create Generation Buy and has asked his ministers to work on a scheme to encourage the availability of long-term fixed deals with 5% deposit mortgages.
As a company we have championed first time buyers and have spoken with MP’s regarding the issue of the lenders withdrawal of the 90% and 95% mortgage products and the effect that has had on our first time buyers ability to purchase a home. There is no further information from the Government following the prime minister’s announcement but we will keep you informed of the details as they become available. We will of course add to this our best advice and views on the scheme as often these initiatives are costly and need to be properly investigated.
Our current advice to first time buyers is to keep saving! The new scheme could amount to nothing or could be so far away in terms of timescale that it is not going to help you anyway. Whatever the new scheme materialises into, those will a good deposit will always be more attractive to lenders.
We are always happy to spend time planning with first time buyers and will allocate you a full 90 minutes of our time fee free to do just that.