£500m fund 'to help first-time buyers'

03-Nov-2009

A recently announced fund is set to help first-time buyers raise a deposit to purchase a property in London and south-east.

Under the £500 million Investors in Housing grant – which is being offered by the Mill Group – people acquire between 25 and 50 per cent of the property and the fund purchases the remaining.

Deposit cash will be used to provide the loan-to-value needed by lenders and, based on the market rent, the buyer will pay a monthly indexed investment fee for the part of the accommodation they do not own.

Chief executive of Mill Group David Toplas said the scheme will help first-time buyers who are looking to get on the first rung of the property ladder.

"It is a win for hard pressed buyers and for institutions who can now invest in residential property with a superior investment model without the previous associated issues," he said.

Established in 1994, the Mill Group focuses on investing in property and infrastructure.

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