A NEW mortgage guarantee scheme could have major implications for Lancashire’s housing market.

The scheme, announced by chancellor Rishi Sunak in Wednesday, aims to support first-time buyers by giving them the opportunity to buy their own home backed by major banks and building societies with up to 95 per cent mortgages.

Preston-based legal firm Adkirk Law has welcomed the scheme.

Director Linda Kirk said: “Many lenders have been asking for increasing levels of deposits so many first-time buyers have found it difficult.

“This will also help stimulate the economy and brings in a new kind of buyer into the market as long as lenders are committed to it.”

She also said that the stamp duty holiday was helping to stimulate sales.

Ms Kirk said: “We are seeing high levels of sales with the benefits of the stamp duty holiday and now our clients can see through the process that was started with the clarity that the duty will be exempt.”

She added: “We still have a pent-up pipeline of sales and deals but this will allow everyone the time to plan ahead and with more surety.”

To find out more about Adkirk Law's services, go to: https://www.adkirklaw.co.uk/.