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Extra help for first-time buyers Extra help for first-time buyers
(about 6 hours later)
The government is to announce new measures to encourage first-time buyers and key workers to participate in its affordable housing schemes. The government has announced 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.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 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 handHelping hand
The grants will be offered to buyers who take part in the government's Open Market Homebuy scheme (OMHB).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.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 BrownWe 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." To promote the scheme, Prime Minister Gordon Brown visited one homeowner in Archway, north London, who had received a £27,250 deposit to buy a one-bedroom ex-council flat.
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. Zoe Broadhead, 27, who contributed £13,000 herself plus £170,000 from a mortgage company, said "I would not have been able to get on the ladder without the scheme".
Mr. Brown said: "I want key workers, nurses like Zoe and teachers, for example, to be able to get a foot on the property ladder. Shared equity housing schemes make that possible".
At the same time as encouraging people to buy houses, Housing Minister Caroline Flint said she will continue meetings with the Council of Mortgage Lenders and Treasury ministers to discuss how to help borrowers struggling with mortgage payments.
DevelopersDevelopers
In addition the government will confirm locations of surplus public sector land to be used to build 30,000 new homes. Ms Caroline Flint said that there is an "urgent need" to build more homes.
In addition the government will shortly confirm locations of surplus public sector land to be used to build 30,000 new homes across England.
National regeneration agency English Partnerships will outline which brownfield sites, such as former coalfields and surplus local authority land, will be used.
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.