Brown offers help to first-time buyers

15-May-2008

The Council of Mortgage Lenders has welcomed Gordon Brown's promise to help first-time buyers onto the property ladder.

A £200-million fund is to be used to purchase unsold new homes and then rent them back to tenants, or use them in shared ownership schemes.

First-time buyers who earn less than £60,000 will be eligible to apply for a £100 million shared equity scheme, which will enable them to purchase property on the open market.

Addressing the House of Commons, Mr Brown said: "Building a more prosperous Britain and a fairer Britain is the purpose of the draft legislation."

Furthermore, he promised a new savings bill which will allow eight million people on low incomes access a national savings scheme, with contributions from the government.

Mr Brown stressed that he was focusing on immediate action to help the economy safely through the current economic downturn.

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