"We're going to help families who want a mortgage for any home they're buying, old or new, but who cannot begin to afford the kind of deposits being demanded today," he said.
Starting in January 2014 the Government will underwrite a mortgage indemnity guarantee so that if a borrower defaults on a mortgage payment, the Government will step in and compensate the lender. This guarantee scheme will run for three years and will be used to support £130bn of mortgages.
"It's a great deal for homebuyers," said the chancellor.
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