The United Bermuda Party has revealed more details of plans for low interest mortgages with no down payment for low income families.

If it wins the General Election it will use Government's ability to borrow money at a reduced rate and work with lenders to provide the assistance.

Shadow Housing Minister Jon Brunson said: "Under our scheme, first time buyers will be able to get a low cost mortgage to buy a $400,000 home for less than $2,500 a month.

"Our scheme will provide 100 percent financing. And unlike the PLP's scheme, our plan will not be limited to a lottery of just 500 people."

Party colleague David Dodwell added: "Currently, lower income earners simply cannot get a no down payment mortgage.

"Under our plan, they will... at last, lower-earning Bermudians will be able to realise the dream of owning a home."

Means testing would be used to determine who qualifies for the scheme, the party said, with all the Island's financial institutions invited to participate.

Other pledges the party has made include building a new emergency housing facility, building 500 new homes for affordable rent, offering duty relief to developers on materials to build low cost homes, and working with financial institutions on rent-to-buy schemes.

They would also relax planning rules to encourage cluster developments — multiple units in high density areas — and modular building methods to deliver low-cost housing in the $350,000 to $450,000 range.

Quizzed on this yesterday, Mr. Brunson confirmed that the party backs the idea of high-rise apartment blocks in Hamilton.

The City of Hamilton Plan, which restricts high-rise buildings, is currently being re-drawn by the Corporation of Hamilton.

Mayor Sutherland Madeiros also backs the idea of building upwards to address the Island's housing crisis.

In a further announcement yesterday, the UBP told people who won the lottery for housing at Southside some two years ago that as a Government, it would honour the tickets they still hold.

"Unlike the PLP, we will get the job done for you. We will build the houses," said Mr. Brunson.

The party also called in Devonshire North Central candidate Albertha Waite to give a demonstration of how promised tax cuts would benefit people in a practical way.

It has pledged to abolish payroll tax for those earning below $42,000 per year — which would mean an extra $38 per week in the pockets of those who are eligible. Mrs. Waite laid out a shopping basket full of goods which, she said, could be added to the family shopping trolley with the money gained from the scheme.