The NewBuy Guarantee scheme is extended by the Government

The Government is set to offer “a raft” of measures for homebuyers in the upcoming budget. The NewBuy Guarantee scheme is extended by the Government to people buying their second homes in an attempt to free up the logjam in the housing and mortgage markets.

This is the latest government move after housing minister Mark Prisk launched NewBuy part-exchange in January this year, which is currently only available for the first six months of 2013.

The current scheme enables homebuyers to purchase a new-build home with a deposit of 5% of the property value with 20% of the property’s value eventually underwritten by a private sector-government partnership.

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