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Loan claim: Government unveils new mortgage plans

Prospective homeowners will be able to gain interest-free mortgages under a new government initiative.

On March 20th, chancellor George Osborne announced plans to help homebuyers acquire a mortgage when he released the Budget.

Under the Help to Buy scheme, people who are struggling to buy homes will be able get an interest-free mortgage for up to 20 per cent of their household if they can provide a deposit that is between five and 20 per cent.

This is the second initiative that the government has set up to encourage mortgage lending in recent times. The government tried to get major banks to lend mortgages at cheaper rates by investing in them under the Funding for Lending Scheme (FLS).

However, FLS failed to provide as strong results as was initially hoped. In fact, bank lending in the final quarter of 2012 fell by £2.4 billion.

Mr Osborne said that the government could make extensions to FLS in the future.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801559632-ADNFCR

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