Earnings limit of up to £140K for first-time buyers loan scheme
Summary
The UK government plans to allow households earning up to £110,000 to use a new loan scheme called Your First Home to buy new-build houses in England. In London, the earnings limit may be higher, up to £140,000, to help more people, including middle earners like teachers and nurses, buy homes with small deposits.Key Facts
- Your First Home offers government-backed equity loans covering 20% of new-build home prices from certain developers.
- Loans include an initial period with no interest to make buying easier.
- The scheme aims to help buyers put down deposits as low as 2.5%.
- Income limits are set around £110,000 outside London and up to £140,000 in London to widen access.
- Previous Help to Buy schemes did not limit income but were criticized for increasing house prices.
- The new scheme is expected to support housebuilding, as the government is behind on a goal to build 1.5 million homes by the next election.
- Developers participating will contribute to the running costs of the scheme.
- Details on funding and potential spending cuts in other areas will be announced next week’s Budget.
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