Housing Boost For First-Time Buyers

An icon from the Crystal icon theme.
Image via Wikipedia

The Government has announced a package of new measures to support first-time buyers into affordable home ownership. Grants will be available to help qualifying buyers with costs such as legal fees and furniture. Over £3million has been allocated for the grants, enough to help two thousand people.

New cash grants of £1,500 will be offered to buyers who take up a shared equity loan under the Government’s Open Market Homebuy Scheme (OMHB). To help increase the long-term housing supply, the Government is confirming the locations of surplus public sector land sites that will provide 30,000 new homes, many of which will be affordable.

Under OMHB, key workers can boost their purchasing power by up to 50 per cent following the launch of two new shared equity mortgage products. This means a household with an income of £32,000 could afford a house of £200,000, paying £760 each month. Under this scheme, qualifying buyers take out a mortgage for a percentage of their home and then another loan (known as shared equity loan), from the Government and lenders to pay for the balance.

Housing Minister, Caroline Flint said, “We urgently need to meet the challenges of building more homes. Our plans for public land, and tougher building regulations, means we can deliver the homes our young families and first-time buyers desperately need, whilst protecting and maintaining the environment. It is important that we look at what more can be done to support households most at risk from the4 impact of the global credit crunch, working closely with the Council of Mortgage Lenders.”

  • Need for big deposit hits home sales hard (telegraph.co.uk)
  • ‘Sharp fall' in first-time buyers (bbc.co.uk)
  • First-home buyers missing ‘deal of a lifetime' (telegraph.co.uk)


Bitcoin: 1BJbBAvdNHcZPZBnaFpyExUmAD9H1crosU


Litecoin:LXfkhyMe8gxdENyUc7Y5itHzFqr67F96nW

Or…

If you enjoyed this article FEEL Free to TIP My First Home Blog:


Any Amount Welcome 🙂


Dash: XmARRjJ9y2zUUgiPWPMrjviWWCvpuogwKd


Dogecoin: D5vAJ9ydfsNX1VE6e93Wh16gmUfVSUSKQq


Bitcoin: 1BJbBAvdNHcZPZBnaFpyExUmAD9H1crosU


Bitcoin Cash: 1Q8njMG4LPqFYthtNu6rq2Rbq9JqKXaPg1


Ethereum: 0x60454606e1f66C09e4fD7977b844718b683B2836

{ 0 comments… add one }

Connect with Facebook

Leave a Comment


x

Related Posts

Get The Most For Your Money When Buying Real Estate (Real Estate Buying)
Get The Most For Your Money When Buying Real Estate (Real Estate Buying)If you want information concerning purchasing real estate, you've come to...
Tips And Tricks For Real Estate Investment Success
Tips And Tricks For Real Estate Investment SuccessReal Estate Investment - Getting started investing in real estate as a career is something that...
Real Estate Strategies To Follow When Buying A Home (Real Estate Buying)
Real Estate Strategies To Follow When Buying A Home (Real Estate Buying) - The purchase of a piece of real estate can be a large step in anyone's...
powered by RelatedPosts