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England to introduce 20% equity loan for first-time new-home buyers

First-time buyers would need a minimum 2.5% deposit, and the scheme includes an initial interest-free period plus income and deposit caps, according to the plan.

Reported · Written up by our desk · Mortgages

Andy Burnham announced a new help-to-buy style program for England called “Your first home,” aimed at supporting first-time buyers who have a regular income but have struggled to save for a large deposit or lacked family financial help, the Guardian Business reported.

Under the scheme, first-time buyers would receive a 20% equity loan to buy a new-build home, with an initial interest-free period.

The plan would require a minimum deposit of 2.5% and introduce household income caps and a deposit cap, the outlet said.

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