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Shapps launches NewBuy guarantee scheme
2 February 2012
Grant Shapps, Housing Minister, has revealed plans designed to help first-time buyers and boost the housing market.
Available from March onwards, the NewBuy Guarantee scheme will underwrite 95% mortgages to aid those looking to purchase new properties worth up to £500,000.
The scheme will enable lenders to provide large mortgages with little risk and will also enable buyers to purchase property with approximately a quarter of the deposit currently required by many mortgage providers.
The housing minister is also looking to locate currently unused land and buildings in conjunction with nine other government departments to create 80,000 homes.
Furthermore, £45 million worth of funding will be designated to help progress stalled housing developments.
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