Plan to help 3,302 young Londoners move out of home with 'permanent guaranteed' mortgage
Labour has promised to introduce a new scheme to help at least 3,302 young people out of their parents’ house and onto the housing ladder in London if it were to form the next government. The 'Freedom to Buy' programme would reduce the need of first-time buyers to reply on cash gifts from relatives, the party says. It would operate as a 'permanent mortgage guarantee scheme', with the state acting as guarantor for prospective homeowners who struggle to save for a large deposit. Labour adds that it would prove 'more comprehensive' than the existing 'Help to Buy' scheme, which is set to expire in June 2025. Shadow housing secretary Angela Rayner said: "With five more years of the Tories, 3302 in London will be left with limited routes onto the housing ladder." A Labour spokesperson added: "For lenders, there’s little incentive to properly integrate the scheme into their offer to customers, as they expect it to expire in a matter of mon...