<p>The housebuilding industry has welcomed today's launch of NewBuy - the government's mortgage indemnity scheme which will enable buyers in England to borrow 95% mortgages against new home purchases.</p> <p>Under the scheme the housebuilder will pay 3.5% of the sale price into an account held by the lending bank for seven years while the government will provide an additional guarantee of 5.5%. </p> <p>The scheme is aimed at enabling 100,000 buyers to buy a new home and will boost housing construction, creating 50,000 new jobs on sites throughout England.</p> <p>NewBuy has been designed by the Home Builders Federation and the Council of Mortgage Lenders. HBF executive chairman Stewart Baseley said: "NewBuy will help thousands of people to meet their aspirations to buy a new home, freeing up the housing market and helping first time buyers and those unable to take the next step on the ladder. The scheme will also provide a vital kick start for housebuilders large and small who will be able to build the homes and create the jobs that the country desperately needs."</p>