UK government plans income limits for new first-time buyer scheme
The UK government plans to introduce earnings caps on its new equity loan scheme to help first-time buyers purchase new-build homes in England.
FTMQ News, written by our newsroom0 views
The UK government is expected to allow households earning up to £110,000 to apply for a new loan scheme aimed at first-time buyers in England, BBC News reported. As originally reported by The Times, a higher household income limit of £140,000 will apply to buyers in London. [1]
The program, named the Your First Home scheme, will offer government-backed equity loans equal to 20% of the cost of new-build properties bought from participating developers. BBC News reported that these loans will feature an initial interest-free period. [1]
According to BBC News, the initiative is designed to allow buyers to secure a property with cash deposits as low as 2.5%. Previous schemes created to assist first-time buyers did not enforce income restrictions, which led to criticism that they drove up property prices. [1]
In short
- The Your First Home scheme will offer 20% government-backed equity loans for new-build homes in England.
- Household income caps are expected to be set at £110,000 across England and £140,000 in London.
- The scheme aims to allow first-time buyers to purchase homes with deposits as low as 2.5%.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Earnings limit of up to £140K for first-time buyers loan schemeBBC News, 1h ago (the report this story comes from)
Background
Our newsroom writes these reports with the help of software, from the 3 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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