Prime Minsters new 95% LTV mortgages will ‘add 2 million owner-occupiers to market’
However commitment by Boris Johnson to introduce fixed-rate long-term mortgages for First Time Buyers gets a mixed response from the industry.
The UK Prime Minister, Boris Johnson has revealed this morning that his government will be bringing forward proposals which will introduce fixed-rate long-term mortgages which will enable first-time buyers to purchase a home via 95% LTV mortgages.
Boris Johnson has claimed that the new initiative would add 2 million owner-occupiers to the UK’s housing market, fulfilling one of the conservatives party key 2019 election promises.
During Boris’s speech at the Conservative’s National Virtual party conference he said “For most people it is still true that the overwhelming instinct is to buy.”
“But for many of them simply can’t, not because they can’t afford the mortgage but because they can’t afford the deposit.”
“The disgraceful truth is that home ownership levels in this country have plummeted and that many are forced to pay through the nose to rent a home they can’t truly love or make their own.”
“This policy will create two million more owner occupiers – the biggest expansion since the 1980s of home ownership, to every part of the country.”
We will of course wait and see how this pans out.