Burnham announces scheme to help first-time buyers onto housing ladder
Also reported by Guardian World
Summary
Prime Minister Andy Burnham announced a new plan called "Your First Home" to help young people in England buy their first home. The scheme offers loans covering 20% of the cost of new homes, with buyers needing only a 2.5% deposit.Key Facts
- The scheme targets first-time buyers in England.
- Buyers need to put down a deposit of 2.5%.
- The government will provide an equity loan worth 20% of the property's value.
- The equity loan will be interest-free initially.
- The scheme aims to assist those without family financial support.
- Funding will come from existing budgets and contributions from housing developers.
- Details like age limits or property price caps are not yet confirmed.
- The policy is similar to past government schemes like Help To Buy.
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