FirstBuy scheme offers first-time buyers a step up | Money | The Guardian

FirstBuy scheme offers first-time buyers a step up | Money | The Guardian

More details emerged this week about how the latest government scheme to help first-time buyers will work, with confirmation that major lenders such as the Halifax and Nationwide will be offering mortgages to those who qualify.

FirstBuy 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, and will help more than 10,000 first-time buyers in England over the next two years, plus a smaller, unconfirmed number across Scotland, Wales and Northern Ireland.

However, it will only apply to newly built properties, which won't suit everyone, and with a limited pot of money, demand is almost certain to exceed supply – especially in London, which has only been allocated enough cash to help around 940 buyers. ...