Grant Shapps, the housing minister, is demanding more help for first time buyers from lenders and housebuilding. Here are some of the ideas which the government likes.
Taylor Wimpey Take5
5% deposit from buyers.
Wimpey pays for insurance to reduce risk of default.
Restricted to houses only in East Midlands, East Anglia, East London.
Lowest rate 5.49% fixed for 2 years.
Lend a Hand from Lloyds
5% deposit from the buyers.
20% from parents or friends who want to help. They put up their savings as additional security but they earn 4% interest.
Same mortgage rate as people with 25% deposit
Barratt Developments unsecured loan
5% deposit from buyers.
The parents or guardians can borrow up to £50,000 from Hitachi finance at 5.4% interest paid for 12 years.
The extra money is used to top up the deposit to 20%.
The buyers qualify for a lower mortgage rate.
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