In today's podcast, Mark discusses the potential return of the government's policy of handing out 99% mortgages.
The government is considering this policy to attract first-time buyers, especially with the 2024 elections approaching. However, Mark warns of the risks associated with this policy, which could lead to a "Housing Bubble" in the market and result in a significant hike in house prices.
Currently, a 5% deposit is required to buy a house, but due to the high cost of living and the state of the economy, it has become increasingly challenging for people to do these schemes.
Mark also points out the possibility of a situation similar to the 2008 market crash, where the government offered 100% mortgages. This resulted in banks lending out so much money that they had none left forcing them to shut down.
Mark predicts that if this potential policy is implemented, it could create difficulties and stress for the next generation as houses become more expensive due to supply running out.
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