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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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The IndependentReposted by 
The Independent (US)
The Independent (US)Burnham unveils new ‘Your First Home’ scheme to help first-time buyers
Funding for the scheme is expected to come from reprioritising existing Government budgets
·London, United Kingdom
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Andy Burnham to resurrect Help to Buy as Labour tackles Britain's property crisis
Prime Minster Andy Burnham will resurrect the Help to Buy scheme to revive Britain's struggling property market, reports suggest.Under the controversial initiative, introduced under the Conservative Government in 2013 by former Chancellor George Osborne, thousands of Britons got on the property ladder for the first time.It is understood that Mr Burnham has approved a new equity loan scheme to help first-time buyers, but sources claim it will hav…
·London, United Kingdom
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Total News Sources11
Leaning Left3Leaning Right2Center2Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 29%
R 28%
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