House builders eye gains from NewBuy mortgage scheme

A new scheme designed to help first time buyers onto the property ladder launches on Monday, the aim being to help people borrow up to 95 per cent of the value of their new homes.

A new scheme designed to help first time buyers onto the property ladder launches on Monday, the aim being to help people borrow up to 95 per cent of the value of their new homes.

NewBuy will see house builders pay 3.5% of the price of a house into an account held by the lending bank. The government will also guarantee 5.5% of the purchase price.

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