Sounds great… But is it?
The abolishment of Stamp Duty and the effect of coronavirus have lead to a huge influx in property sales and purchases toward the latter period of 2020.
In an attempt to maintain this, The Prime Minister, Boris Johnson has stated the following: “We need now to take forward one of the key proposals of our manifesto of 2019: giving young, first-time buyers the chance to take out a long-term, fixed-rate mortgage of up to 95% of the value of the home – vastly reducing the size of the deposit and giving the chance of homeownership – and all the joy and pride that goes with it – to millions that feel excluded.”
“We believe that this policy could create two million more owner-occupiers – the biggest expansion of homeownership since the 1980s.”
Listening to the announcement I’m sure it put a smile on many of our faces, however, would it be nieve to ignore the negative impact this could have on mortgage lenders, brokers, and banks? And, how will the new ‘Generation Buy’ scheme be achieved?
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