News: March 2011
31/03/2011
FirstBuy, the new £250m government scheme announced in the budget, will help only a minority on to the housing ladder. First-time buyers will be able to apply for loans from the government and property developers in the latest scheme aiming to kickstart the housing market.
Under measures announced in the budget, those earning less than £60,000 will be offered loans to top up 5% deposits, worth an additional 20% of the value of a property, making it easier to secure a mortgage.
The government has promised £250m for the scheme, called FirstBuy, which will be launched in conjunction with house builders in September. However, experts have warned that only 10,000 first-timers are likely to be helped by the scheme, which will run for just a year. It will also be restricted to new-build properties.
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