Prime Minister launches new mortgage scheme in Loampit Vale

David Cameron visited the Loampit Vale "Renaissance" housing project today to launch a new mortage indemnity scheme called NewBuy, which is designed to support first-time buyers.

The BBC reports:

The government hopes the NewBuy scheme - supported by Barclays, NatWest and Nationwide - will help people to borrow up to 95% of the value of new homes. Critics argue the scheme is just a ruse to help the construction industry. 

Under NewBuy, the builder pays 3.5% of the sale price into a special account held by the lending bank for seven years. Taxpayers will provide additional guarantees of 5.5% but that money will be called upon only in the event of a major property crash. 

The scheme is being unveiled on the same day Prime Minister David Cameron confirmed the extension of the right-to-buy discount to up to £75,000 for social housing tenants.


During the launch, Cameron got to hang out and live the Lewisham dream at the Renaissance show-home (pictured).

[Full disclosure: Barratt is a client of BC's employer these days].

24 comments:

Anonymous said...

Look! He drinks tea just like us! Go Dave.

mk said...

Such ugly buildings, and they completely blocked out the sunlight when I walked down there over the weekend.

max said...

A caption competition if I ever saw one.

Tamsin said...

Round and round full circle. 95% or 100% mortgages were a significant part of the start of the problem.

If house prices were not over-inflated people could get 75% mortgages without any "special packages" and without the risk of negative equity.

Matt-Z said...

Is Cameron saying

"Small flats, big society!"

pffttt said...

Wonder if he wore a bullet proof vest

kolp said...

Those buildings are so oppressive, they darken the Lewisham skyscape.

Anonymous said...

At 9.10am as he was drinking tea, I was on the phone to Abbey Life trying to find out what my pension won't be worth. Synchronicity?

Anonymous said...

Dave: "and people really live in theses conditions in Lewisham? How Ghastly for them"

Matt-Z said...

Cameron announces new deposit scheme:

"One lump sum or two?"

Anonymous said...

British new builds are the smallest in the EU.

Wonder to what extent cowboys like Barratt and chums are feathering Cameron's nest...

Ian on the Hill said...

"Very nice, and where do you stable the horses?"

Neanderthal D said...

Cameron says:

"Yes, not long before the cabinet reshuffle. There's a visionary with some very sound transport policies I was thinking of appointing Transport Minister. I gather he lives round here....chap called Lou Baker"

local said...

I wonder if he had to walk under railway bridge by Tesco Express to get there.

Anonymous said...

lol tory posh elitist poncy eton oxbridge git

what was the story?

Matt-Z said...

"You'll always find me in the kitchen at Tory parties"

Anonymous said...

#winning

NAT said...

..Ah, I see..and these were the compromise you came to after this...cabinet meeting..

Anonymous said...

Wasn't that how the crash and the Great Recession started in America???

I'm fairly certain it was the mass sale of housing to those who couldn't afford them...which led to bad debts and financial institutions going bankrupt....hmmmmmm.

Great Recession 2 here we come?

Anonymous said...

This is the development called 'central park' se10 no?
A real 'NY' lifestyle

K McIntosh said...

and because of the filming he made my husband lose a days pay as the bricklayers had to be sent home whilst he was being filmed...thanks a bunch.

patrick1971 said...

"Those buildings are so oppressive, they darken the Lewisham skyscape."

Get used to it, there'll be about ten more if the Council ever manages to get its act together and build Lewisham Gateway. A happy side effect of the financial crisis was the collapse of funding for that nightmare.

Tamsin said...

And the even more oppressive scheme - red terracotta and tiny windows - that was planned for the Kender triangle.

Sarahbally said...

You'll always find him in the kitchen at parties. Plotting the redistribution of sits around London.

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