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Government considers 1% deposit mortgage for first-time buyers

The government is contemplating a 1% deposit mortgage plan for potential buyers. This might assist individuals having difficulty saving money and could potentially stimulate the housing market.

However, be aware that mortgages with minimal deposits typically have higher repayments and carry the risk of negative equity. How does this affect you?

  • Aimed at aiding those with savings challenges, potentially boosting the housing market.
  • High repayments and risk of negative equity noted.
  • Critics worry about increased house prices and affordability of repayments.
  • Announcement possible in Spring Budget on March 6, 2024
  • Government may offer banks guarantees for 99% mortgages.
  • Buyer's eligibility linked to income.
  • Borrowing cap based on annual income, usually up to 4.5 times.
  • Concerns about government interventions inflating house prices.
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