Business / NEWS UPDATE
Earnings limit of up to £140K for first-time buyers loan scheme
Published · 1 min read
The government is set to unveil the Your First Home scheme, offering government-backed loans for first-time buyers purchasing new-build properties in England.
Earnings limits of up to £110,000 for non-London areas and £140,000 for London are expected to be confirmed at the upcoming Budget. The scheme aims to provide equity loans for 20% of the property value, with an initial interest-free period, to help buyers with deposits as low as 2.5%, and developers are required to contribute to the scheme's running costs.