UK housebuilders rally on buyer scheme, miners drag FTSE lower

London stocks closed mixed on Monday as housebuilders surged following a new UK government equity loan scheme for first-time buyers, while weak mining stocks limited overall gains. The FTSE 100 fell 0.1% to 10,684.88, though the FTSE 250 rose 0.3%. Housebuilders led risers after the government announced "Your First Home," allowing eligible buyers to purchase new-build properties with a 2.5% deposit and a government-backed equity loan up to 20% of the price. Barratt Redrow jumped 12%, while MJ Gleeson, Persimmon, Bellway and Taylor Wimpey rose between 10% and 20%. Details are expected in the October 28 budget. Mining stocks fell sharply on lower metal prices, with Fresnillo down 5.1% and Endeavour Mining down 4.5%, as a stronger US dollar weighed on gold. Oil prices rose to $107.60 a barrel after President Trump rejected Iran's truce offer. Chancellor John Healey also announced £6 billion in shipyard contracts and £300 million in Rolls-Royce investment.