NewBuy Guarantee scheme aims to help first time buyers

In March there is a plan to launch the NewBuy Guarantee scheme, which brings lenders, builders and Government together to offer mortgages on new-build properties with a fraction of the deposit currently required - so while buyers may typically require £40,000 towards a new home, under this new scheme a £10,000 deposit will get them into a new-build property of their own.

Shapps has confirmed that the scheme would be open to UK citizens buying on new build houses and flats up to £500,000 as their main home - whether they are first time buyers or moving up the ladder.

The Housing Minister also confirmed that he is working with nine Government departments and organisations including the BBC, Network Rail and the Royal Mail to identify unused land and buildings that could be released for house-building.

Further information
www.communities.gov.uk/corporate