Government scheme to fund FTB deposits

17-Dec-2008

Thousands of first-time buyers (FTBs) in the UK could be in line to receive financial assistance from the government.

A new scheme has been proposed which would see the government offering interest-free loans to people trying to get on the housing ladder for the first time.

However, FTBs would have to meet certain criteria to be eligible for the grant, such as being on a salary of less than £60,000.

The loan would be equal to roughly a third of a property's value, which means FTBs could potentially pay £126,000 for a £180,000 home.

However, the continuing slump in house prices has left the scheme open to suggestions that FTBs could soon find themselves in negative equity.

Earlier this week, Barclay's Bank boss John Varley told Sky News that the UK is currently halfway through the ongoing slump in the housing market.

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