Nationwide Urges Government Help for First-Time Home Buyers
Nationwide is urging the government to step in and provide more help for people trying to buy their first homes, including those interested in new builds. They believe that an independent review could find ways to make the process smoother, considering challenges like not enough new homes being available and rules affecting mortgage loans.
One of the big things Nationwide is asking for is bringing back the Help to Buy ISA. They say it was successful in the past and want the government to start it again.
They also want people to be able to save more money each month with this ISA, making it easier to afford new homes.
Nationwide suggests increasing the bonus you get to buy a house to match how expensive new houses are now. With over 542,000 Help to Buy ISAs opened, Nationwide knows the impact it can have on helping people buy their first homes.
Rachael Sinclair from Nationwide says that buying a first home is really tough for many people. She believes bringing back the Help to Buy ISA can make a big difference by helping people save money for a deposit on these new homes. Sinclair also thinks that looking closely at the challenges facing first-time buyers can help find good solutions, making it easier for them to buy new homes.
Nationwide is emphasising that these changes could be a game-changer for people interested in buying new homes for the first time. They hope the government will consider their suggestions and make these changes to support more people in becoming homeowners, particularly in the realm of new builds.
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