Category : Residential Sales
The government has unveiled a new scheme designed to help first time buyers currently unable to access the market get a foot on the housing ladder.
Run as a pilot, the buy-now-pay-later scheme will allow potential buyers to rent a home at a discounted rate while saving for a deposit to buy a share in the property after two or three years.
Rent to Home Buy will be open to households earning £60,000 a year or less and will be operated via local housing firms working in partnership with councils.
It comes as part of a package of measures aimed at alleviating the current problems in the housing market and supporting the delivery of new homes.
Commenting on the scheme, the head of mortgages at moneysupermarket.com said at first glance it does appear to address the "Catch-22" situation of how first time buyers can save for a deposit while renting a home.
However, Louise Cuming said more information is needed about the number of properties that will be made available under the scheme and where they will come from, warning there is a risk that the new announcement is simply "spin without substance".
© Adfero Ltd
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