Shapps thrilled with NewBuy success
Housing minister Grant Shapps has been buoyed by the first client signing on to the Government's NewBuy scheme.
A client of house builder Bovis Homes from Cambridgeshire became the first to take advantage of the initiative by buying a two-bedroom apartment with lender Nationwide.
Under the scheme buyers are able to borrow up to 95% of the value of new homes - meaning they only have to put down a deposit of 5%.
Shapps expressed his delight over the scheme winning its first seal of approval and helping someone onto the property ladder within weeks of its initial launch.
"With four lenders and nine builders now offering the scheme, thousands of people are set to see their dreams of home ownership become a reality with just a fraction of the deposit that they would otherwise need," he said.
"And with more lenders and builders set to sign up in the coming weeks, the NewBuy Guarantee will also provide a boost to housebuilding, and the wider economy, across the country."
Bovis Homes Chief Executive David Ritchie said: "We promised to hit the ground running with NewBuy and we've done just that by becoming the first housebuilder in England and Wales to have a customer complete their purchase using the mortgage.
"I am sure that this completion will be the first of many as homebuyers across the country take advantage of the mortgage, which promises to open up the market for thousands of people."
Copyright Press Association 2012
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