First-time buyers face scramble for FirstBuy loans | Money | The Guardian

First-time buyers face scramble for FirstBuy loans | Money | The Guardian

Thousands of struggling first-time buyers are set to benefit from a government-backed scheme that will allow people to take out a mortgage for just 75% of the cost of the property, provided they can stump up a 5% deposit.

But you could be forgiven for thinking this all sounds familiar, as this scheme appears very similar to one launched three years ago by Labour, except that it is, arguably, not as good.

George Osborne this week launched FirstBuy – the latest in a line of official schemes to help people on to the property ladder. He says "over 10,000" first-time buyers will be helped by the £250m scheme, which looks set to open for business in September, though it will only apply to newly built properties within specific developments.