The government recently launched the Openmarket Homebuy scheme aimed at trying to get more key workers and potential first-time buyers onto the property ladder.
The scheme offers an equity loan from the government and another equity loan from one of only four lenders currently involved in the scheme. The concept would seem to be reasonably sound, with the equity loans being used in place of a deposit and accounting for 25% of the property value. The money owed to the government is owed on an interest-free basis while interest will not be charged on the equity loan from the lender for the first five years. But the government has tried a number of different initiatives in the past to help people onto the property ladder without little visible suc...
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