More information has been released about the government’s mortgage guarantee scheme.
First trailed last year as part of a package of measures announced by the government, the NewBuy mortgage guarantee scheme, as it is now known, is aimed at kick starting the housing market, which has been subdued for some time.
The housing minister, Grant Shapps, has announced that the NewBuy scheme will:
• Guarantee mortgages up to 95% loan to value for both first time buyers and home movers
• Be available only on new build purchases
• Have a maximum purchase price of £500,000...