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New Build Indemnity Scheme
01/02/12

 

As part of a range of new and re-launched initiatives included in the Coalition's Housing Strategy is the New Build Indemnity Scheme.

 

The scheme is led by the Home Builders Federation (HBF) and the Council of Mortgage Lenders (CML).  The aim of the scheme is to offer better access to loan to value mortgages of up to 95% for new build properties in England.  It is backed by a house builder indemnity fund.

 

It is hoped that up to 100,000 First Time Buyers (FTB) and home movers could be supported by the scheme.  All house builders and lenders can use the scheme, which is due to start in 2012.

 

The house builder will deposit 3.5% of the sale price in the Indemnity Fund for every home sold through the scheme.  The Government will provide security for the loan in the form of a guarantee.

 

If the borrower defaults and repossession takes place, the lender will be able to recover losses on mortgages to the maximum covered by the scheme.

 

For further information contact Chris Moquet

 

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