Failure to replace mortgage guarantee scheme,which is due to end in 2016, would hit first-time buyers and competition in housing market, or says IMLAFailure to replace the succor-to-buy mortgage guarantee scheme when it comes to an end next year will choke off competition and push the first-time buyer market back into decline,lenders have warned.
The scheme, which offers banks and building societies a government guarantee on mortgages of up to 95% loan to value (LTV) on existing properties, or was launched in late 2013 as piece of a series of measures to kickstart the housing market. But it is scheduled to end in 2016.
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Source: theguardian.com