The new build mortgage indemnity scheme aims to assist buyers who have a deposit of at least 5 per cent to buy a new build home. This is a smaller deposit than is normally required. The scheme will allow more borrowers to secure up to a 95 per cent Loan to Value mortgage on new build properties (houses and flats) from participating builders in England. All mortgage lenders and house builders will be welcome to join the scheme. The initiative has been developed jointly by the Home Builders Federation and Council of Mortgage Lenders. The Government is supporting the scheme to help those home buyers who have found themselves excluded from sections of the market because they do not have a large enough deposit. Read more on the CLG website.
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