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Government launches scheme to help first time home buyers

The Government has officially launched its new scheme to help first time buyers get on the property ladder.

The FirstBuy scheme is designed to help people overcome one of the major hurdles when buying a property - providing the necessary deposit.

Under the scheme, the Government and selected house builders will together offer a 20% loan to help fund a deposit on a newly built home. The buyers provide a further 5%, enabling them to take out a 75% mortgage on the rest of the property.

The loans are free for five years and are repayable when the property is resold.

The scheme was announced earlier this year and now the Government has confirmed that more than 100 house builders are taking part. Key lenders are also backing the scheme and are preparing to offer 75% mortgages.

The first homes are expected to be available in September. It’s hoped the scheme will help 10,000 first time buyers over the next two years.

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