What is Help to Buy and will Rishi Sunak bring it back for first-time buyers?

01.05.2023 - 18:33 manchestereveningnews.co.uk

First-time buyers in the UK who are struggling to get on the property ladder could soon be offered more help from a government scheme that is rumoured to be returning.

According to a report from The Times, Prime Minister Rishi Sunak is said to be drawing up plans to boost support for first-time home buyers by bringing back the Help to Buy: Equity Loan scheme.

With the difficulties facing new buyers today, from increased house prices to soaring interest rates, the Help to Buy equity loan helps first-time buyers purchase a new-build property with just a five percent deposit.

Those eligible can borrow a loan amounting to 20 percent of the purchase price, or 40 percent in London, interest-free for five years.

Rishi Sunak Britain Manchester London

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