Green Future Welcomes The Chancellors help To Buy Scheme
George Osborne has announced a scheme in the 2013 Budget which will see the housing market open up to thousands of want-to-be home owners.
The chancellor unveiled a scheme to provide interest-free loans to would-be home owners buying new properties and offered mortgage guarantees worth £130bn.
For years now people have been grappling to save deposits for buy their own property but because of the lending situation with banks, mortgages have not been accessible.
The 'Help To Buy' scheme was part of the Chancellor's 'Aspiration Nation' speech in which he told the country that more people will be able to jump on the property ladder. Not only is this good news for want-to-be home-owners but is also great news for housebuilders.
Green Future NI Ltd, the construction company responsible for building Northern Ireland's first zero carbon home to be accredited by the Government, said this move will be welcomed by people who have been unable to get on the property ladder.
The company spokesman said: "I think the Help To Buy scheme announced in the Budget will certainly increase the availability of mortgages for people wanting to buy new build homes.
"This is good news for Green Future NI because not only are we building affordable homes but we are also building homes which meet the Government's 2016 target where all new build homes must be zero carbon.
"If mortgages become more accessible to people then this will aspire people to buy their own homes but also to buy homes which are affordable to run as well."
The new Help to Buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20 per cent of the value of a new-build house.
The Chancellor said the scheme will be available to everyone from next year.
George Osborne told the Commons: "The deposits demanded for a mortgage these days put home ownership beyond the great majority, who can't turn to their parents for a contribution. And that's not just a blow to the most human of aspirations, it's a setback to social mobility and it's been hard on the construction industry too. This Budget proposes to put that right, and put it right in a dramatic way."
He said: "This is a budget for those who aspire to own their own home; who aspire to get their first job; or start their own business; … a budget for our aspiration nation."