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| Version 0 | Version 1 |
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| Extra help for first-time buyers | Extra help for first-time buyers |
| (about 1 hour later) | |
| The government is to announce new measures to encourage first-time buyers and key workers to participate in its affordable housing schemes. | |
| There will be £1,500 grants to help qualifying buyers with costs such as solicitors' charges and furniture. | |
| The government said 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 key workers and certain first-time buyers. | The grants are to run in conjunction with a part-buy scheme offered to key workers and certain first-time buyers. |
| Helping hand | Helping hand |
| The grants will be offered to buyers who take part in the government's Open Market Homebuy scheme (OMHB). | |
| Under the OMHB, 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 for the balance. | |
| We are making the dream of a new home more affordable for thousands of low-income first time buyers Prime Minister Gordon Brown | We are making the dream of a new home more affordable for thousands of low-income first time buyers Prime Minister Gordon Brown |
| Those who qualify include social tenants, key workers and some first-time buyers. | Those who qualify include social tenants, key workers and some first-time buyers. |
| There are currently two OMHB shared equity loan products offered by the government, offering loans of between 15% and 50% of the total cost of the property. | There are currently two OMHB shared equity loan products offered by the government, offering loans of between 15% and 50% of the total cost of the property. |
| Prime Minister Gordon Brown will say: "By offering new grants and sharing a stake in their home, we are making the dream of a new home more affordable for thousands of low-income first-time buyers and key workers such as nurses and teachers." | Prime Minister Gordon Brown will say: "By offering new grants and sharing a stake in their home, we are making the dream of a new home more affordable for thousands of low-income first-time buyers and key workers such as nurses and teachers." |
| At the same time as encouraging people to buy houses, Housing Minister Caroline Flint has said she will continue meetings with the Council of Mortgage Lenders and Treasury ministers to discuss how to help borrowers struggling with mortgage payments. | |
| Developers | |
| In addition the government will confirm locations of surplus public sector land to be used to build 30,000 new homes. | |
| Developers who bid for the public sector land will have to provide a high level of affordable housing. | Developers who bid for the public sector land will have to provide a high level of affordable housing. |
| Ms Caroline Flint will say that there is an "urgent need" to build more homes. | |
| She will also confirm that she is to meet with mortgage lenders, to discuss how to help homeowners who are struggling with their payments. | |
| The government has pledged to build an extra 200,000 homes on surplus public sector land by 2016. | The government has pledged to build an extra 200,000 homes on surplus public sector land by 2016. |