Boris Johnson has promised that first-time buyers will be given long-term fixed rate mortgages at up to 95% LTV, as he aims to turn “generation rent into generation buy”.
The Prime Minister told the virtual Conservative Party conference that he hoped the mortgage plans would create two million new homeowners, as part of the “biggest expansion of home ownership” since the 1980s.
Johnson described home ownership levels plummeting among younger people as a “disgraceful truth” and suggested that millions of people are “forced to pay through the nose for a home they can't truly love”.
Commenting on the circumstances of renters across the UK, Johnson said: “We will transform the sclerotic planning system, we will make it faster and easier to build beautiful new homes without destroying the green belt or desecrating our countryside.”
He also said the Conservatives needed to fix the “broken” housing market and help young people who can’t afford the deposit to climb onto the property ladder.
“We believe that this policy could create two million more owner-occupiers – the biggest expansion of home ownership since the 1980s. We will help turn generation rent into generation buy,” he said.
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The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
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A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
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