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Mortgages -
Government Pledges Eight Billion to Boost Housing - 14/03/2008
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Chancellor Alistair Darling has unveiled plans to boost affordable and social housing over the next three years. With a pledge of eight billion pounds in his first budget presentation, the chancellor said the measure is designed to assist those struggling and hard-pressed mortgage holders get onto the housing ladder.
He also said he planned to strengthen the mortgage market, weakened by global credit crunch, and work with industry to introduce affordable fixed-rate home loans.
However experts in the industry said the plan gives little or no respite to those struggling to enter the market or afford the rising cost of servicing mortgage debt. Immediate financial relief is what hard-pressed, first-time buyers need, said director of property portal Propertyfinder.com, Nicholas Leeming.
He said the government shirked its responsibility by merely blowing smoke around the issues in an attempt to disguise inaction.
Darling had said 70, 000 new affordable homes will be built per year by 2010/11 and share equity schemes for key workers like teachers and nurses as well as first-time buyers will become available to those who can afford half the value of a property, rather than the current three-quarters.
An end to cheap credit is largely responsible for the current global credit crunch. Even world’s major economies are hard hit. In Britain, which is the second strongest economy in Europe, customers are increasingly feeling the pinch. Rises in household mortgage repayments, food, fuel and council tax have affected them the most.
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