News: New UK mortgage scheme to help first-time buyers
The UK has introduced a new mortgage scheme that aims to help home buyers who have only a five percent deposit to purchase a newly built property with a value of up to £500,000 (S$1 million).
Called the ‘newbuy’ mortgage scheme, it is meant to encourage first-timers back into the property market whilst stimulating the building industry and the economy.
“Newbuy mortgages will help creditworthy borrowers who simply have not yet managed to build up a large enough deposit to gain access to finance to buy a newly built home,” said Paul Smee, Director General at the Council of Mortgage Lenders (CML).
The programme is open to all UK home buyers who are acquiring property as their primary home.
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