First-time buyer wary of Budget housing loan scheme
Summary
The UK government is expected to give more details in Wednesday’s Budget about its proposed Your First Home scheme, which would offer eligible first-time buyers an equity loan for a new-build home. Luke Anstee, a 23-year-old university student who has saved for three years, said he is wary of taking on more debt and is concerned about interest charges after the loan’s initial interest-free period.Key Facts
- The proposed scheme would offer eligible first-time buyers in England an equity loan worth 20% of a new-build home’s value.
- The scheme aims to let buyers purchase with deposits as low as 2.5%.
- Proposed income limits are £110,000 for households, rising to £140,000 for homes bought in London.
- Anstee earns more than £25,000 a year in IT, lives in a house share and is in his final year of university.
- Anstee said rising living costs make saving harder, citing increases in grocery and petrol costs.
- The scheme was announced in September, and the government is expected to provide further details in Wednesday’s Budget.
- The article says the scheme resembles Help to Buy, an earlier programme that used equity loans to support home purchases.
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