Shared equity schemes 'good for FTBs'Lenders and first-time buyers (FTBs) benefit from shared equity schemes, an expert has said.

22-Dec-2008

Lenders and first-time buyers (FTBs) benefit from shared equity schemes, an expert has said.

According to Helen Adams, managing director of FirstRungNow.com, shared equity schemes are good and could help FTBs amid the lack of mortgage finance in the current economic climate.

"Some of these shared equity schemes make the risks lower, so they are quite good in the respect that they make the risks lower to the lenders as well," Ms Adams said.

Her comments come after the government gave the green light to its HomeBuy Direct scheme, which is intended to help up to 18,000 FTBs into affordable home ownership through shared equity agreements.

The government has committed £400 million for the scheme, with more investment promised if there is sufficient demand from FTBs.

Mr Adams commented that HomeBuy Direct is proof that the government is attending to the issues faced by FTBs in the current economic climate.

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.

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