Owning your home is important for many people. Although monthly mortgage payments are generally affordable, getting together a large enough deposit to buy a property is a challenging prospect for most people.
The Prime Minister has announced a new scheme to help first time buyers onto the property ladder. The Government plans to give first time buyers the chance to take out a new long-term fixed rate mortgage of up to 95% of the value of a home.
This will significantly reduce the size of the deposit needed to buy a home and it is hoped that this will allow 2 million more people to become homeowners. This would mark the biggest expansion of home ownership since the 1980s and promises to help many people in Southampton to get on the first rung of the housing ladder.