Boris Johnson is trying to help first time buyers purchase homes via 95% LTV mortgages. He has proposed to introduce fixed rate long term mortgages.
This is claimed to increase homeowners in the UK by 2 million. This would accomplish his 2019 election manifesto promises.
He said, “The disgraceful truth is that home ownership levels in this country have plummeted and that many are forced to pay through the nose to rent a home they can’t truly love or make their own.”
This is because most first-time buyers can’t afford the deposit even though they can afford the mortgage.
In Leeds, the average house price is £217,000. This has pushed the general public towards renting rather than buying.
In Leeds, the average rent per property is around £600 per month. This is far more appealing
This will be the biggest expansion since the 1980’s of homeowners, to every part of the country.