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Minister launches first-time buyers loan scheme

Housing Minister Grant Shapps (pictured) has confirmed that more than 100 house builders are taking part in the FirstBuy scheme through which equity loans are given to first-time buyers.

Under the scheme, the Government and house builders together will offer a 20% equity loan, which alongside a 5% deposit from the buyer will enable them to take out a 75% mortgage on the rest of the property.

Loans will be repaid on resale of the property, with the Government’s share available for reinvestment in more affordable housing.

The first homes through the scheme are expected to be available by September this year, with the Government hoping the scheme will help more than 10,000 first-time buyers over the next two years.

Shapps said: “With 80% of young first-time buyers depending on parental help, I am determined that we pull out all the stops to help those who want to take their first steps onto the property ladder.

“FirstBuy will do just that - a Government-backed scheme making £500 million available to offer a valuable alternative to the ‘Bank of Mum and Dad’.

“And because this help will be available on newly-built properties, it will also offer a much-needed boost to our house building industry, supporting thousands of jobs across the country.”

Stewart Baseley, executive chairman of the Home Builders Federation, said: “FirstBuy will help first-time buyers, boost economic growth and provide a vital shot in the arm for the house-building industry. Our members have reacted decisively to support FirstBuy and recognise the scheme is an important first step.”

There is more information at

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