Lib Dems in Government are taking action to help first time buyers get on the housing ladder.
A new scheme will see the Government act as guarantor for up to 100,000 mortgages, helping thousands get on the housing ladder for the first time.
Minister for Housing Lib Dem Andrew Stunell MP said: “Many people have told me they feel trapped in the rented sector because they can’t raise the big deposits needed to buy their first home.
“This action by the Lib Dems in Government will help those people who can’t call on the bank of Mum and Dad when buying their first home”
The previous Labour Government let first time buyers down in their failure to regulate the banks.
This saw many first time buyers sold mortgages they couldn’t afford to pay.
The new Government backed scheme will be subject to strict criteria and will be available to potential buyers from March 2012.
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