London’s first time buyers have been singled out to get more help onto the property ladder, as they struggle to save the substantial deposits needed towards a mortgage in the capital.
A fund of £20 million has been awarded to London by the government as part of its FirstBuy scheme, which allows buyers to borrow up to 20 per cent of a property’s price towards a deposit at very low cost rates.
The loan, which is available for people earning under £60,000, will be funded by the Homes and Communities Agency (HCA) and property developers, who will be repaid from the fund once a property is resold. The offer will be available on around 1,000 new build homes across London.
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