Government Introduces New Scheme To Help Property Buyers

The launch of the government’s NewBuy initiative, designed to help people who want to buy a property but do not have the required deposit, has been welcomed by conveyancing solicitors at Irwin Mitchell.

Under the terms of the scheme, UK citizens who want to buy a new-build property on a participating development in England will be able to borrow with a lower deposit than they would normally need to get a mortgage.

This is because the housebuilders and government have committed to an indemnity scheme which will cover an amount of future losses which could be faced by the lender.

The introduction of the new initiative has been welcomed by conveyancing experts at Irwin Mitchell, who provide advice and information to those going through the homebuying process.

Lisa Gibbs, the Partner who heads by the specialist team, said: “Over recent years we have seen many people who are keen to get on the property ladder simply find themselves unable to due to the size of deposit needed.

“This is a welcome initiative for those people and will hopefully provide a timely boost to the housing market as a whole.

“Compared to previous initiatives, this scheme is also not limited to first time buyers - good news for existing home owners who are looking to buy a new home but perhaps do not have the savings to do so.”