|
News Index
Next
Previous
The government has teamed up with Nationwide, Yorkshire Building Society,
Advantage, and Bank of Scotland to offer a mortgage that will boost people's
buying power by up to 25%.
The plan, named Open Market HomeBuy, allows for prospective homeowners to
arrange a mortgage through one of the participating lenders for 75% of the value
of the house they wish to buy.
They will then be eligible for an interest free
loan, provided by a combination of the lender and the government, to cover the
remaining 25% of the value of the house.
The scheme is available to first time buyers who are key public sector workers,
social tenants or those on a council waiting list and other priority first time
buyers.
Housing minister Yvette Cooper explained: "We want to help more families get a
first step on to the housing ladder.
"If you haven't got family or friends who can help it can be hard to get
started. In the long run we need to build more homes to ease the pressure on
house prices.
"But in the meantime this new mortgage deal will help thousands of families into
a home of their own".
At present, a couple on a combined income of £ 35,000 could typically obtain a
mortgage of GBP122,500.
If eligible for Open Market HomeBuy, the same buyers could potentially buy a
home worth over £ 160,000.
Source:
Getting Paid
|
