New hope for FTBs?

01-Sep-2008

First time buyers (FTBs) are to be given financial support as part of Gordon Brown's autumn plans, reports suggest.

An expansion of the Homebuy scheme is expected by experts, meaning FTBs will be given the chance to buy new-build homes.

The government is claimed by some reports to have been working alongside the Council of Mortgage Lenders to ensure repossession is only ever a last resort and those struggling to pay mortgages treated fairly.

New savings plans and shared equity schemes are also expected to be on the agenda.

The measures are expected to be revealed tomorrow in a joint statement by prime minister Gordon Brown, chancellor Alistair Darling and secretary of state for community and local government Hazel Blears.

Mr Darling has already agreed to make some of an £8.4 billion pot available for affordable housing in the near future.

Last month it was reported the government were planning an emergency housing package, allowing local authorities and housing associations to offer borrowers a stake in their homes.

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