The New Mortgage Guarantee Scheme: What You Need to Know
Chancellor Reeves introduces a new mortgage guarantee scheme to support first-time buyers, but what does it mean for the market and taxpayers?
In this episode, Alice and Lewis dive into the details of Chancellor Reeves' new mortgage guarantee scheme, known as the Freedom to Buy program. Designed to help first-time buyers with smaller deposits, the scheme replaces the temporary Conservative version that expired last month. Lewis explains how the financing works, with lenders paying fees to the Treasury to cover risks, and the government's capped liability of £3.2 billion. They discuss the mixed reactions from industry experts, including support from the Building Societies Association and skepticism from some brokers. Is this a long-term solution or just a short-term fix? Tune in to find out more about the implications for the housing market and potential homeowners.
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