Labour pledges mortgage guarantee scheme to support first-time buyers

Labour promises to help first-time buyers by acting as a guarantor for their mortgages. This means the state will support them if they struggle to save a large deposit. The party aims to boost home ownership and make it easier for people to buy their own homes. Sir Keir Starmer, the party leader, wants to turn the dream of owning a home into a reality for many. He believes that many young people are unable to buy a home and end up renting for life. Labour plans to introduce a new scheme called "Freedom to Buy" to assist first-time buyers without a large deposit. They also want to give these buyers priority in new housing developments. The party's proposed mortgage guarantee scheme will involve the state acting as a guarantor for those who find it hard to save for a big deposit. Labour aims to work with lenders and the industry to make this scheme widely available if they win the election. Additionally, Labour pledges to reintroduce housing targets, speed up planning permissions on certain lands, and focus on building more homes. They also plan to implement a "Family Home Tax Guarantee" to avoid increasing council tax bands or stamp duty rates. Labour believes these measures will help more people own homes and boost the housing market. Sir Keir Starmer wants to make it easier for young people to buy homes by introducing the "freedom to buy" scheme. He also plans to increase the number of homes built by setting housing targets and making changes to the planning system. Labour criticizes the current government for not doing enough to help people afford homes and promises to take more action on housing if they come into power.