Government-supported mortgages are set to be introduced three months ahead of schedule, David Cameron has revealed.
This should result in an increase in the number of homeowners throughout the UK, leading to a growth in demand for the services of those firms which provide loft conversions on the Wirral and other regions in the country.
In spite of worries over the chances of Help to Buy’s second phase provoking a property bubble, the PM is moving ahead with the scheme, saying that sooner is better when it comes to making the support available.
The mortgage is a finance guarantee that enables buyers to purchase either an existing home or a newly developed property to the value of £600,000 using just a five per cent deposit.
The Prime Minister explained the situation:
“The need is now. I have always wanted this to come in and frankly the earlier the better.
“What concerns me is that you can’t buy a house or a flat even if you are doing okay, you have got decent job prospects and good earnings.”
The aim of the initiative is to increase mortgage availability through the reduction of risk on the behalf of mortgage lenders, as any risk regarding default is assumed by the Government. It provides a guarantee of a percentage of the finance.
The PM feels that it is the key to tackling a skewed market where highly-paid employees are finding it tough to afford even modestly-priced homes as they are not in a position to afford the deposit.