YORK-BASED house builder Persimmon Homes has welcomed a statement by the Government detailing plans for the introduction of the NewBuy mortgage guarantee product.
The Government scheme aims to kick start the housing market by underwriting 95 per cent mortgages on new-build properties.
Andrew Bowes, managing director of Persimmon Homes Yorkshire, said the new mortgage indemnity scheme would help buyers in to the property market, could potentially create thousands of jobs in the industry and will help stimulate the economy.
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