Govt 'making a stand' for FTBs

23-Dec-2008

The government is trying hard to appear in support of first-time buyers (FTBs) during the current economic economic, a property expert has said.

HomeBuy Direct, a scheme which offers shared equity schemes for FTBs, was recently given the green light by the government and has received £400 million in funding.

Announcements by the government tend to be "rather timely" when things are "looking grim" elsewhere, commented Helen Adams, managing director of FirstRungNow.com.

She added: "The underlying intentions are well intended.

"They are trying to support the economy and encourage lenders to lend, and try to see to it that first time buyers can buy first time."

However, amid the effects of the economic downturn on mortgage finance and the housing market, Ms Adams noted that there is only a limited amount of work the government can do to improve the situation.

The government's HomeBuy Direct scheme will help about 18,000 FTBs by offering buyers an equity loan of up to 30 per cent of the purchase price, co-funded by the government and the developer.

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.

Shared ownership boost for FTBsFirst-time buyer mortgage borrowing increaseGovt loans to help first-time buyers

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