What's happened
Labour has revealed a proposal to establish a permanent version of the Mortgage Guarantee scheme, named 'Freedom to Buy', to assist first-time buyers in acquiring homes with low deposits. The scheme, if implemented, aims to help over 80,000 young individuals onto the property ladder within the next five years.
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What the papers say
According to The Mirror, Labour's 'Freedom to Buy' scheme is a permanent version of the current Mortgage Guarantee scheme, aiming to assist young people in purchasing homes with low deposits. BBC News highlights Labour's commitment to helping over 80,000 individuals access the housing ladder through the scheme. Sky News reports on Labour's broader housing plans, including the construction of 1.5 million homes over five years. The Independent emphasizes Labour's focus on supporting first-time buyers and boosting home ownership through the proposed mortgage guarantee scheme.
How we got here
The Mortgage Guarantee scheme was initially introduced by the Conservatives in 2021 to facilitate low-deposit mortgages for first-time buyers. Labour's decision to make this scheme permanent under the 'Freedom to Buy' initiative reflects the party's commitment to addressing the housing affordability crisis and enabling more young people to own homes.
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