The Government is planning to relaunch efforts to help new buyers get onto the housing ladder with a scheme called Your First Home.
First-time buyers could get the keys to their home with just a 2.5 per cent deposit saved, in a move intended to help people who don’t get financial support from the ‘Bank of Mum and Dad’.
Prime Minister Andy Burnham said he was concerned by the high number of young people who have given up on home ownership because of high living costs, and wanted to change that.
A loan worth 20 per cent of their property’s value will be
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