A new scheme help people buy their own home was launched today in Weston Favell in Northampton by the Prime Minister.
The Help-to-Buy mortgage guarantee means that buyers will only need a deposit of as little a 5 per cent.
The Prime Minister said that too many hardworking people were finding it impossible to buy their own home because they "haven’t got rich parents and can’t pay the deposit up front".
– David Cameron
There is a need for Government to act. Buying your first home is about far more than four walls to sleep at night.
It’s somewhere to put down roots and raise a family. It’s an investment for the future. Above all, it’s a sign that everything you’ve put in has been worth it.
So from today, thousands of people will be able to get a foot on the housing ladder by applying for the new Help to Buy mortgage guarantee.
If you've got 5 per cent of the funds for a mortgage deposit, we’re providing a guarantee to the banks to help you get the rest.