City MP Mark Lancaster has come out in support of the new opportunities for aspiring home owners.
Following an announcement by the Minister for Housing and Local Government, Mark has expressed his delight regarding the NewBuy scheme which will see people in Milton Keynes able to buy their own new home.
The scheme is designed to support people who can afford mortgage payments but can’t put together a deposit large enough, often as much at £30,000 to buy a house. The government will instead guarantee the mortgages of those investing in newly built homes, reducing the required deposit amount to £10,000.
Mark said: “I have heard from a remarkable number of people who would like to buy their own homes instead of renting but don’t have enough capital available to put a deposit down.
“I am really pleased this scheme will give them a chance to finally get on the property ladder and will also mean the new homes springing up around Milton Keynes will find owners even quicker than before.”