The government announced a new first time buyer mortgage scheme that is intended to make it easier for these consumers to purchase homes. The plan is to introduce more rent to own properties and to get banks to assist more first time home buyers in their search for a loan. However, not everyone is excited about the new plans for first time buyer mortgage seekers.
“The package being announced today will both help people facing difficulties right now, and lay the foundations to help meet the long term housing needs of the country,” said Caroline Flint, the Housing Minister.
Shadow housing minister, Grant Shapps stated, “This government must think the public are fools,” he said. “Having massively increased the costs of buying and selling a house by increasing the stamp duty take by 10 times and introducing pointless red tape like home information packs (Hips), ministers now want us to believe that they’re on our side. If they were really serious about helping people get on the housing ladder then they would scrap stamp duty for nine out of 10 first-time buyers and abolish Hips. Until they do this no one will be taken in by their latest daily gimmick.”
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