Gosport MP, Caroline Dinenage, has welcomed the new 95% mortgage guarantee that has launched this week to make homeownership a reality for constituents across Gosport, Hill Head, Stubbington and Lee-on-the-Solent.
Since 2010, 69% of private renters and 63% of those living at home who looked into getting a mortgage said that they could not find a mortgage with a low deposit – making buying your own home unaffordable.
This scheme will be available through major high street lender including Lloyds, Santander, Barclays, HSBC and NatWest. It will secure a house through a 5% mortgage deposit to buy a home worth up to £600,000.
“While the Conservative Government has pledged to build 300,000 new affordable housing to help people take their first steps on the property ladder, often mortgage deposits are still out of reach.
“This new 5% deposit will help residents across the Gosport Constituency make their homeownership dreams a reality.”
Housing Secretary Rt Hon Robert Jenrick MP said:
“For too many people, no matter how hard they work, home ownership can seem out of reach. One of the biggest divides in our country has been between those who can afford their own home and those who cannot.
“That’s why we are determined to do everything we can to help hard-working families and prospective first-time buyers get their feet on the housing ladder in an easy and affordable way, to level up this country.
“The new mortgage guarantee scheme which comes into effect today will give providers the confidence to lend and help families and young people get on the property ladder without the prohibitive burden of a large deposit.
“Despite the challenges faced over the past year, the government has intervened to protect jobs, support builders and buyers to help keep the housing market healthy. Today’s 95% mortgages launch further strengthens our commitment to build back better from the pandemic.
“In recent years we’ve reversed the trend and seen a positive increase in owner-occupiers. We’re determined to build on this through the range of flexible ownership options which help ensure home ownership is achievable. We want to match the ambitions of aspiring homeowners up and down the country.
“Together we can turn ‘Generation Rent’ into ‘Generation Buy’.”