December 18, 2008
£400 MILLION DEAL AGREED TO PROVIDE AFFORDABLE HOUSING
A £400 million deal to help first time buyers aspiring to buy their own home was approved this week.
Housing Minister Margaret Beckett announced the move, which is part of the Government’s programme of action to tackle current difficulties in the economy.
The scheme will help up to 18,000 first time buyers across the country by providing an equity loan, part-funded by the Government and the developer.
The loan, which will be free of charge for five years, can be used as a deposit and can cover up to 30 per cent of the purchase price. First-time buyers with household incomes under £60,000 who cannot otherwise afford to buy can apply.
Hundreds of people in South Yorkshire could take advantage of the HomeBuy Direct scheme. Several developers with projects in the region have already signed up – including six developments in Rotherham and four in Barnsley.
Mr Healey said: “This will support young families and put their dream of becoming home owners within reach.
“It will also help developers to weather to tough times in the market by protecting jobs and helping to keep business going.
“The Government is committed to doing everything possible to support homeowners facing diffculties and promoting the long-term stability of the market.”
The scheme is available from early 2009 and those interested should contact a HomeBuy agent in their region. The agents for West and South Yorkshire are My4Walls (www.my4walls.org.uk).
Notes to editors
• Those sites which have joined the scheme are in Kilnhurst, Thurcroft, Treeton, Kiveton, Laughton Common and Rotherham and four in Barnsley including in Jump and Wombwell.
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