First Time Buyer Boost from Brown - 12.12.05

UK Mortgage News

Gordon Brown has announced a package to help first time buyers. The overall increase in the number of affordable new homes is to increase by a third to 200,000. He'll also announced plans fo a shared equity mortgage scheme to help key workers and social tenants buy property. The Open Market Home Buy scheme has backing from Nationwide, Halifax and the Yorkshire Building Society.

The scheme allows key workers such as nurses and teachers to take out a 75% mortgage and the Government and one of the three lenders will split the balance as an interest free loan.

The scheme is said to be helpful to around 20,000 buyers who will be looking to purchase over the next 5 years.

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