![]() ![]() Higher house prices and private rents soaring to record highs are just some of the reasons why many would-be buyers are finding saving up a sufficient deposit a bigger challenge than ever. ![]() ![]() The move could reopen debate about responsible lending at a time of uncertainty about house prices, and coincides with speculation that the government plans to resurrect the help-to-buy scheme, which closed to new applicants late last year. It is understood the deal will be launched in the next few days or weeks. Such a mortgage would differ from other niche products available that let people borrow up to 100% of the purchase price, but involve a family member providing financial help of some sort, such as putting up security on the home loan – meaning they are often only be an option available to those with well-off families. Precise details of how the deal will work have yet to emerge, but according to a report in the Times, the new product will be available up to 100%, and borrowers will need to demonstrate a history of paying rent comparable to mortgage repayments for up to two years, with the deal fixed for more than two years to guard against the risk of falling into negative equity. ![]()
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