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First time buyers to benefit from low deposit mortgages

Story Homes welcomes the government’s pledge for fixed rate mortgages of up to 95% loan-to-value for first time buyers, as it aims to turn generation rent into generation buy.

The housebuilder has hailed the government’s pledge, at the Conservative Party virtual conference, as a hugely welcome step to help first time buyers and the sector’s recovery.

Story Homes’ Head of Sales for NW – Richard Kitson, said: “We welcome the government’s pledge to support first time buyers with up to 95% fixed-rate mortgages, which will vastly reduce the size of the deposit they require to secure their first home.

“The sector, like many across the economy, has faced significant challenges in the last few months and we believe this pledge will give customers the confidence needed to take the first step to owning a home and moving on to the property ladder.

“We have seen a strong level of interest from potential buyers which has been encouraging since the lockdown started to ease and we believe this pledge on supporting first time buyers out of the rental market in to  purchasing will go a long way towards strengthening the market.”

The policy will offer the young generation the opportunity of home ownership “and all the joy and pride that goes with it,” the PM said. He claimed the low deposit mortgage policy could create 2 million more owner occupiers – “the biggest expansion of home ownership since the 1980s.”

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