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New government scheme good for first time buyers
Published: 22/12/2008 |
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Shared equity schemes may be a good way to lower the risks to the borrower as well as the lender, an expert has said. Helen Adams, the managing director of FirstRungNow.com said that all home buy schemes were "good". She added: "The trouble is that the mortgage lenders at the moment aren't actually lending to first time buyers but some of these shared equity schemes make the risks lower, so they are quite good in the respect that they make the risks lower to the lenders as well." Ms Adams also commented that the government was likely doing all that it could do in the circumstances, saying that they are "trying to support the economy and encourage lenders to lend". A new shared equity scheme created by the government plans to help 10,000 first time buyers into affordable home ownership. After initially pledging £300 million to the HomeBuy Direct Scheme, the government has now revealed that it will add an additional £100 million, with the aim of helping a total of 18,000 first-time buyers.  |
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