Chancellor may reveal UK MIG plans in autumn statement
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Chancellor George Osborne is expected to announce plans for a mortgage indemnity guarantee backed by the government, in his autumn statement on November 29.
According to reports, ministers are studying plans drawn up by the Confederation of British Industry for a MIG.
A MIG would reduce the risk to lenders if borrowers failed to make repayments, allowing them to offer mortgages to people who can only afford a small deposit.
It is also rumoured that the chancellor is looking to introduce rules allowing borrowers to access savings locked up in their personal pension pots to boost their deposits.
In June the Scottish government launched a MIG to help more first-time buyers get on the property ladder.
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Readers' comments (1)
Bill Wells | 17 Nov 2011 5:25 pm
Give him credit - he's thinking outside the box. Just a shame that we're still looking to support the toe-rags that got us into this mess in the first place - the banks.
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