High Street lenders are now starting to offer mortgages to borrowers offering a deposit of just 5% under a new government guarantee scheme.But the launch comes as average house prices in the UK continue to rise to record levels.New deals
The government is offering a partial guarantee, generally of 15%, to compensate lenders if the borrower defaults on repayments.The guarantee is designed to give lenders the confidence to offer 95% loan-to-value mortgages - many of which were withdrawn during the Covid crisis. Chancellor Rishi Sunak said: "Every new homeowner and mover supports jobs right across the housing sector, but saving for a big enough deposit can be hard, especially for first-time buyers.
House prices have been rising - partly because of government stimulus, and there are concerns too about the potential for some to fall into negative equity if this is followed by sharp falls in property values. "One of the things we do is ensure that the customer can afford that rate. We also ensure... the customer can afford that loan if interest rates were to rise."
Aaarrrgghh! Just build more bloody houses 🤯
Why haven't they thought of that before?
Kicking the can down the road and creating an even bigger problem in the future.
It’s cheaper housing that’s needed not something to force prices up all this does is help now but worsen the problem in the near future
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