Bud­get bonus for first-time buy­ers

Yorkshire Post - Property - - PROPERTY -

THE Bud­get brought good news for first-time buy­ers with a new shared equity scheme. The First­buy scheme is for newly-built homes and buy­ers must save a de­posit worth five per cent of their prop­erty’s value, with the gov­ern­ment and house­builders putting up 10 per cent each through an equity loan, en­abling peo­ple to qual­ify for a 75 per cent loan-to-value mort­gage. The equity loan would be in­ter­est­free for the first five years, with in­ter­est charged at 1.75 per cent in year six, and at in­fla­tion plus one per cent there­after. The £250m gov­ern­ment pledge will only last for one year. The Bud­get also re­vealed that the Sup­port for Mort­gage In­ter­est scheme, will be ex­tended for an­other year from Jan­uary.

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