New scheme to help first time buyers

The video discusses the challenges in the mortgage market, highlighting the end of high-percentage mortgages and the difficulty of saving for deposits. It introduces a government-backed scheme aimed at helping 100,000 prospective homeowners by offering 95% mortgages for new builds, with the government and builders sharing the risk. The scheme's success depends on competitive interest rates, which are yet to be disclosed. Critics argue it may not be effective unless cheaper than existing low-deposit deals, and it could reduce the number of buyers for existing properties.

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