Prime Minister David Cameron has announced a taxpayer- and industry-backed insurance scheme that will shield mortgage lenders from defaulting borrowers.
The aim is for banks to get smaller deposits on mortgages which will attract more home buyers.
Following the financial crisis, mortgage availability in the UK has been restricted. Home building is at a record low and home prices at all-time highs, compared to wages.
“It will be a huge boost to house building,” said Stewart Baseley, Executive Chairman of the Home Builders Federation.
“Since 2007, the biggest constraint on homes being built has been mortgage availability. This scheme will see more desperately needed homes being built, create jobs and give the economy the boost it needs,” he said.
For the latest property news,
trends, resources and expert opinions, visit our property news section.
Home buyers, sellers or property renters looking for a Singapore property may like to visit http://www.propertyguru.com.sg today.