HOUSE THAT
Labour vows to hoist over 80,000 youngsters onto housing ladder by 2029 with mortgage scheme
Those on decent salaries but who are struggling to save would need only to come up with a five per cent deposit
LABOUR last night vowed to hoist more than 80,000 people on to the housing ladder within five years.
Sir Keir Starmer pledged to launch Freedom to Buy — a scheme offering wannabe homeowners permanent mortgage guarantees.
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It would mean those on decent salaries but who are struggling to save would need only to come up with a five per cent deposit.
It is very similar to an existing government programme, due to expire next year.
But Labour vowed to make its version a permanent fixture.
Sir Keir insisted it would be an integral part of the market — arguing the Government’s existing temporary scheme has been seen as “peripheral”.
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He claimed that there was little incentive among lenders to integrate it property into the products offered to customers, as they expected it to expire in a matter of months.
It comes as census data has shown for the first time most adults aged 20 to 24 live with their parents.
Sir Keir said: “My Labour government will help first-time buyers on to the ladder with a new Freedom to Buy scheme for those without a large deposit, and by giving them first dibs on new developments.”
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