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Tories pledge ‘lifetime’ fixed rate mortgages and discounts for first-time buyers

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  • 21/11/2019
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Tories pledge ‘lifetime’ fixed rate mortgages and discounts for first-time buyers
The Conservative Party has announced a host of proposals to boost the housing market, including the introduction of lifetime fixed rate mortgages.

 

Prime minister Boris Johnson (pictured), suggested that the party could cultivate a new market in such long-term deals, with funding provided by pension funds and other institutional investors looking for a steady rate of return.

It is a return to an idea once pushed by Gordon Brown, the former Labour Prime Minister back when he was chancellor around the turn of the century.

Other proposals announced by the Tories today include the promise of building at least one million new homes over the next five years, as well as introducing a ‘first home’ scheme which will see local first-time buyers offered a discount of up to 30 per cent when purchasing a property in the area.

Renters are also to be offered lifetime rental deposits, which they can transfer between properties, making it easier to move from one tenancy to the next.

Johnson suggested that the Conservatives have “always been the party of home ownership” but he wanted his government to do more to ensure everyone can realise the dream of owning their own home.

He added: “At the moment renting a property can also be an uncertain and unsettling business, and the costs of deposits make it harder to move. We are going to fix that.”

The announcements come on the same day that the Labour Party is due to publish its own election manifesto.

 

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