Govt reveals new HomeBuy scheme

03-Sep-2008

A new scheme has been unveiled by the government aimed at help low-income families get on the property ladder.

The £1 billion HomeBuy Direct Scheme will offer households with an income below £60,000 a five-year loan free of interest, which will help reduce the risk of repossession.

Plans were released by the Department for Communities and Local Government, with a spokesman saying: "Not only will this help first-time buyers, but it will also support the industry by identifying buyers for their new homes."

Loans will be jointly financed by the housing industry and government, enabling families to buy up to 30 per cent of the equity in a new build property.

A number of HomeBuy schemes are already in place as part of Labour's drive to help people own at least some of their home.

Yesterday saw the government release more plans to help the ailing property market, with stamp duty being scrapped on properties under £175,000.

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