Govt loans to help first-time buyers

04-Dec-2008

Some 10,000 first-time buyers (FTBs) could be helped on to the property ladder under a new government scheme.

Five-year interest-free loans are to be provided to FTBs who earn less than £60,000 a year, Gordon Brown confirmed yesterday.

As reported by Mortgage Strategy, housing minister Caroline Flint commented: "We are giving a leg-up to first-time buyers keen to own a place of their own.

"Not only will this help first-time buyers, but it will also support the industry by identifying buyers for their new homes," she added.

It comes after chancellor Alistair Darling announced in September that FTBs would be exempt from paying stamp duty on homes cost £175,000 in less.

A £300 million shared equity scheme was also announced by the government at that time, designed to help 10,000 Britons previously frozen out of the property market.

Today the Bank of England cut interest rates from three per cent to two per cent - their lowest level since 1951 - in a move that could lead to improved mortgage finance and assist those looking to buy their first home.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

Rics welcomes savings scheme for FTBsPBR 'stamp duty failure' for FTBs UK interest rates cut to 3%

2012: Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | 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