Prime Minster announces plans to help first time buyers with deposits.

Prime Minster announces plans to help first time buyers with deposits.

07 October 2020

While detail is still lacking Boris Johnson announced to the Conservative Party Conference a commitment to turn Generation Rent into Generation Buy helping to increase the amount of low deposit mortgages for first time buyers.

 

During the last few months the amount of 95% loan to value mortgages available in the marketplace has dropped dramatically as lenders adopt a cautious approach to the market, concerns about the end of the furlough scheme and other repercussions of the COVID-19 crisis are high on their agenda. Details are sure to follow but currently there is little clarity as to how these proposals are likely to work either in  terms of how long the length of the loans would be or indeed whether the State is looking to guarantee these riskier mortgages.

 

Rest assured we will have more details as they come through but there’s no doubt that on the face of it this is very good news for those buyers struggling to save to buy their first home.