The British government is to announce
assistance for first-time-buyers and key workers to enable them to
participate in it’s affordable housing schemes. There will be
£1,500 grants to help qualifying buyers with costs such as
solicitor’s charges and furniture.
The grants will be offered to buyers
who take part in the government’s Open Market Home-buy scheme
(OMHB) and more than £3m has been allocated for the grants,
enough for 2,000 people. The grants are to run in conjunction with a
part-buy scheme offered to first-time buyers and key-workers.
Under this scheme qualifying buyers
take out a mortgage for a percentage of their home and then another
loan – known as a shared equity loan – from the government and
lenders to pay the balance.
At the same time as encouraging people
to buy houses, Housing Minister Caroline Flint has said that she will
continue meetings with the Council of Mortgage Lenders and Treasury
ministers to discuss how to help borrowers struggling with mortgage
payments.