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New Mortgage Indemnity Scheme for new UK homes


The UK government has announced a mortgage indemnity scheme for first-time buyers as part of a housing strategy, a report said today. The scheme would allow up to 100,000 first-time buyers to buy new-build property with just a 5% deposit. To top it the government would offer security for the loan.  

The government and house-builders would provide the security for the loan. The report on Mortgage Strategy, written by Tessa Norman says that the initiative would help the lender recover loss if the property is sold for less than the outstanding mortgage total. You can read the full article here. 

The scheme would be launched in spring 2012. The Council of Mortgage Lenders has welcomed the indemnity scheme for first-time buyers. The group said the scheme should make mortgages up to 95% LTV more widely available on new-build homes.

Lenders for the Mortgage Indemnity Scheme for new UK homes (Update: Nov 22)

Here is update on the Indemnity scheme. The government has revealed the names of the lenders that signed up for the indemnity scheme. They are Barclays, HSBC, Lloyds Banking Group, Nationwide, Royal Bank of Scotland, Santander and Yorkshire and Clydesdale Banks. they have 'agreed in principle' to participate in the scheme, which will see them lend up to 95% LTV on new-build property.

Further, over 25 developers have agreed in principle to joining the scheme, including Barratt, Persimmon and Taylor Wimpey, the three largest builders in the UK.
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