Osborne boosts property market
CHANCELLOR George Osborne this week confirmed plans to underwrite 95 per cent mortgages, which could benefit 100,000 buyers and to give up to 50 per cent discount for social tenants who exercise a right to buy.
The mortgages will only be available on new-build properties. Samantha Baden, of Findaproperty.com, says: “The mortgage indemnity scheme will bring welcome relief to 100,000 people and help first-time buyers get a foot on to the property ladder, as will the 50 per cent discount for social tenants wanting to buy their own home. All homeowners should benefit from £30bn for new infrastructure projects.”