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First time buyers looking to get onto the property ladder have received a mortgage boost, with the expansion of the Open Market Homebuy
Scheme.
Chancellor Gordon Brown has announced plans to spend £970 million over the next
two years in promoting shared equity ownership. Under existing schemes, new
buyers can seek a mortgage for 75% of a property's value, while the government
makes up the remainder.
The government charges no interest on the loan, but is entitled to a quarter of
the proceeds from any future sale of the property, including profits.
Mr Brown claimed that around 35,000 people would be helped onto the property
ladder by his plans, which include piloting a scheme under which the buyer only
puts up 25% of the cost.
Source:
Getting Paid
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