George Osborne’s pledge to create 400,000 new affordable homes across England will open the property market to many thousands of people for the first time. In his Autumn Statement, the Chancellor revealed plans to put almost £7bn towards the upcoming Starter Homes Initiative and shared ownership scheme.
“This is fantastic news, especially for first-time buyers struggling to get onto the ladder,” says David Blake, from Which? Mortgage Advisers.
“In addition, there is a strong commitment from banks and building societies to lend against new-build properties. Halifax announced yesterday that it was removing exposure limits against new-build developments, and hopefully we will see more lenders follow suit.”
A new tariff that will simplify mortgage fees and make it easier to compare mortgage deals was also published in full as part of today’s statement. Which? has worked with the Council of Mortgage Lenders to create this tariff, following research suggesting consumers currently face over 40 different fees and charges from mortgage lenders.