Being closely involved with housebuilding – undertaking the repair of everything from baths to brickwork for leading builders – here at Plastic Surgeon we were very pleased to learn of the latest stimulus package.
Under the initiative announced by David Cameron last week to kick-start the UK housing market and help first-time buyers to get on the property ladder, the Government is supporting a new mortgage indemnity scheme led by the Home Builders Federation and Council of Mortgage Lenders, that would enable them to borrow up to 95% of the value of new build properties, meaning a deposit of just 5% is needed; a significant reduction from the current average of 17%.
The Prime Minister, as part of the Coalition’s housing strategy, promoted the scheme on national TV during a visit to Linden Homes’ Boxgrove Gardens development in Guildford, Surrey, on the 21st.
Linden Group’s managing director Ian Baker said: “This is a significant step forward in making responsible, affordable lending available to home buyers across the country to help them purchase the homes they have always wanted.”
Linden is among several housebuilders who, along with the Home Builders Federation, have worked with lenders and the government to find solutions to the constraints on mortgage lending in recent years.
Under the scheme the developer will deposit 3.5% of the value of the property in a fund that the lender will hold for seven years and on which interest is payable. The government will provide an additional guarantee of 5.5% of the property value that can be called on if any losses by buyers defaulting exceed the developer’s 3.5%.
The initiative will ensure lenders are more confident of offering 95% mortgages.
“This is a great deal for people wanting to buy a new home, whether first time buyers or existing home owners who are unable to trade up,” said HBF executive chairman Stewart Baseley. “This scheme will allow people to buy their new home on realistic terms and help in particular hard pressed first time buyers.”
He added: “It will also be a huge boost to housebuilding,” and we at Plastic Surgeon welcome the good news, for the disenchanted ‘youngsters’ (average age now 37 years old for a first time buyer) trying to get on the housing ladder, as well as the boost for the construction industry across the sectors.
If successful, the boost in building will surely be good for the economy, as well as the jobs market. And we at Plastic Surgeon can help builders’ keep their costs down by repairing rather than replacing their damaged kitchen worktops, sinks, basins and sinks, as well as windows, doors and cills. This is part of the reason why we are confident in continuing our recruitment drive next year, training more Finishers to meet demand for our unique services.
Plastic Surgeon can restore almost any damaged interior or exterior surface in commercial or residential buildings. Thanks to specialist training the company’s finishers are expert in repairing and fine finishing practically any material including;