As part of the budget speech of 23rd March, Chancellor George Osborne announced a new government sponsored shared equity scheme named "FirstBuy" to help first time buyers onto the property ladder.
The chancellor announced that they will allocate £250 million in order to provide an equity loan for purchasing a new build property. Firstbuy will assist an estimated 10,000 First Time Buyers in purchasing a new property.
Househunters on an income of less than £60k and with a 5% deposit will be eligible for a 5yr interest-free loan worth up to 20% of the value of the property, jointly funded by the government and housebuilders. This loan will only be repayable when the house is sold.
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