First Time Buyers Given New Helping Hand By Government

The government is to announce new measures for first time buyers and key workers who participate in its Open Market HomeBuy shared equity cheme.

There will be £1,500 grants to help qualifying buyers with costs such as solicitors' charges and furniture.

The grants are to run in conjunction with a part-buy scheme offered to key workers and certain first-time buyers.

The government said more than £3m has been allocated for the grants - enough for 2,000 people.

Under the Open Market HomeBuy shared equity scheme, qualifying buyers take out a mortgage for a percentage of their home and then another loan - known as a shared equity loan - from the government and lenders to pay for the balance.

Those who qualify include social tenants, key workers and some first-time buyers.

There are currently two  shared equity loan products offered by the government, offering loans of between 15% and 50% of the total cost of the property. See the FirstRungNow shared equity section.

In addition the government will confirm locations of surplus public sector land to be used to build 30,000 new homes.

The government has pledged to build an extra 200,000 homes on surplus public sector land by 2016.

2008: Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar