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Budget homes plan loophole

The Treasury has still not explicitly said it will prevent homeowners from using Government-backed mortgage guarantees to buy second homes, after ITV News exposed the loophole. It is also feared the cost of the scheme could be passed onto borrowers.

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Encouraging new builds and property ownership a priority

Steven Bruck, a partner at Blick Rothenberg Chartered Accountants, says: "The Chancellor wants to encourage new building and help hard pressed buyers with inadequate deposits.

"He has announced interest-free loans of 20 per cent on properties up to £600,000. He has also announced up to £130bn of mortgage guarantees by the Government.

"He clearly sees encouragement of new builds and property ownership as a major priority. It will be interesting to see the detail on this as it could be significant."

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