Bournemouth East Tom Hayes MP has welcomed a new scheme offering first-time buyers a route into home ownership. Bournemouth East Tom Hayes MP has welcomed a new scheme offering first-time buyers a route into home ownership.Andy Burnham has announced plans that would allow eligible buyers to purchase their first home with a deposit of 2.5% and access a 20% equity loan. An initial interest-free period is intended to help reduce monthly housing costs.Hayes said younger families regularly tell him they want the same opportunity to own a home as their parents. He described the proposed deposit as
Bournemouth East Tom Hayes MP has welcomed a new scheme offering first-time buyers a route into home ownership.
Andy Burnham has announced plans that would allow eligible buyers to purchase their first home with a deposit of 2.5% and access a 20% equity loan. An initial interest-free period is intended to help reduce monthly housing costs.
Hayes said younger families regularly tell him they want the same opportunity to own a home as their parents. He described the proposed deposit as a way to give young people “a leg-up onto the property ladder”.
The MP said the scheme would mean “less money upfront”, while the equity loan is designed to bring down monthly costs. The announcement does not set out how long the initial interest-free period would last.
Developers would contribute to the scheme through a fee linked to property values. The government says it would fund the programme by reprioritising existing budgets.
