A SCHEME to try and help first-time buyers who are struggling to save up for a deposit to buy a home has been given the thumbs up by the MP for Eastbourne.
Stephen Lloyd praised the Coalition’s plans at stimulating the housing market by underwriting 95 per cent mortgages for new buildings, helping those who wish to buy a property but cannot afford the large deposits often needed.
To date, property deposits continue to be one of the most restrictive barriers to purchasing a property.
With the NewBuy scheme, potential buyers will only need to put down a five per cent deposit.
The scheme, which applies only to new build properties, is also aimed at stimulating the construction industry, creating jobs and kick-starting the property business.
Mr Lloyd said the idea would be of particular help in this area, where house prices are higher than many other areas.
He said, “Many people have long been priced out of the property market. A huge demand now exists from both potential first-time buyers and those wishing to move up the property ladder, but who simply cannot afford the deposits required.”