First time buyers have been handed a boost following changes to the government’s Open Market HomeBuy (OMHB) scheme. The changes were revealed as part of Alastair Darling’s budget announcement. Two new equity loans will now be available via the scheme offering the buyers the chance to get a loan worth as much as 50 per cent of the value of their property .
Previously, OHMB loans could only be taken out as 17.5 per cent of the property value, 25 per cent, or 32.5 per cent. However, the changes will provide homebuyers with far more flexibility by offering a choice between the Ownhome offer and the MyChoiceHomeBuy loan. Those seeking an equity loan of between 20 and 40 per cent are advised to opt for an OwnHome loan, though MyChoiceHomeBuy loans offer loans to a wide range of customers, offering between 15 and 50 per cent equity loans .
Key workers, social tenants and some first time buyers are eligible for the loans, with the new products coming into effect on April 1st.
First Time Buyers Handed Home Loan Boost
Wed, 19 Mar 2008
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