The 99% mortgage explained: could they work for London’s first-time buyers?
Prime minister Rishi Sunak is reportedly considering a new Government-backed 99 per cent mortgage scheme, according to the Independent.
Details on the scheme are scant, but the idea is that it would remove one of the major hurdles — saving for a deposit — for would-be first-time buyers trying to get a foot on the ladder by allowing them to do so with just a one per cent deposit.
The news comes ahead of the Spring Budget, which is due to be delivered by Chancellor Jeremy Hunt on March 6.
Housing is set to be a major issue in the 2024 UK election, and the Budget is expected to deliver some sweeteners for buyers and builders following disappointment that the property industry was largely ignored in the 2023 Autumn Statement.
But while some have welcomed the
