Tue 23 Dec 2014

CML welcomes starter homes consultation

A new consultation aimed at supporting first-time buyers has been welcomed by the CML.

The Council of Mortgage Lenders (CML) has welcomed the government's announcement of a new consultation that has been launched into improving aid for individuals looking to get a foot on the nation's property ladder in the years ahead.

First-time buyers are to be offered a 20 per cent discount when purchasing one of the 100,000 new "starter homes" that will be built up and down the country in the next five years.

Supported by several of the nation's largest house builders, the project is now being opened to public scrutiny and views on the initiative are being sought from all interested parties.

CML director general Paul Smee commented: "This new scheme should provide a modest additional flow of lower-cost housing for first-time buyers, which we welcome."

He added that CML is fully open to working with all government bodies to ensure this scheme is practical and workable from a lending perspective.

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