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Andy Burnham announces new homes scheme for first-time buyers
The scheme offers a 20% equity loan and an initial interest-free period to help buyers without family support.
- Prime Minister Andy Burnham announced a new "Your First Home" scheme in Liverpool, designed to help first-time buyers in England access the property ladder without relying on the "bank of mum and dad."
- Under the "Your First Home" scheme, buyers can secure a property with a 2.5 per cent deposit while the government provides an interest-free equity loan covering 20 per cent of the property's value.
- With the average starter home costing £230,000 according to Rightmove, buyers could provide a £5,750 deposit and access up to £46,000 in loan support, Housing Secretary Angela Rayner stated.
- The policy mirrors the coalition's Help to Buy scheme introduced by Chancellor George Osborne, as Labour aims to turn the page on what the party calls the housing crisis the Tories left behind.
- Chancellor John Healey will present full details at the Budget on October 28, with pre-registration for the scheme opening before the end of the year.
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A new scheme will support first-time home buyers who can't really on the "bank of Mum and Dad", Andy Burnham has announced.
Coverage Details
Total News Sources33
Leaning Left3Leaning Right2Center17Last UpdatedBias Distribution77% Center
Bias Distribution
- 77% of the sources are Center
77% Center
14%
C 77%
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