Magazine article Public Finance

Equity Scheme Provides Help to First-Time Buyers

Magazine article Public Finance

Equity Scheme Provides Help to First-Time Buyers

Article excerpt

A new scheme to help key workers and other first-time buyers purchase homes on the open market was launched this week.

It gives buyers the opportunity to take out equity loans with high-street lenders as well as government loans.

According to the Department for Communities and Local Government, this will mean a family with a joint income of £35,000 could afford a property worth more than £160,000, compared with a £122,500 home under normal circumstances.

Since the turn of the decade, 21,500 people have bought homes with the help of government equity loans. Ministers are predicting that a further 20,000 will join the property ladder through Open Market HomeBuy.

The scheme is backed by four major lenders - Advantage (part of Morgan Stanley), Bank of Scotland, Nationwide and the Yorkshire Building Society. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.