The NewBuy mortgage scheme must be made more appealing.
The Government's NewBuy mortgage scheme should be made more attractive to first-time property buyers according to the Confederation of British Industry.
During a recent speech, John Cridland the CBI director-general advised businessmen in the southern counties that the government should take on more risk regarding the initiative.
He said he accepts that the Government understands the importance of indemnity guarantee through its NewBuy mortgage scheme and recognises that the scheme offers people the opportunity of owning their own home.
However he adds that for the scheme to have a maximum impact the Government need to be prepared to accept more of the risk to make the scheme more attractive to first-time property buyers.
He also said there was a need for more quantitative easing which should go far beyond the BoE purchase of government assets. He criticised UK banking regulation saying that gold stamping internationally agreed reforms is a significant constraint on the ability to lend.
The funding for lending scheme announced by the government which will offer over £100 billion in cheap funding for small businesses and cheap mortgages was however praised.
First time buyers looking for a competitive mortgage offer are advised to contact Deal Direct today. We will compare the best deals on offer including those from lenders signed up to the NewBuy mortgage scheme, to find you the most appropriate and affordable mortgage offer.
Contact an independent Deal Direct adviser today.
