Open Homebuy launches, but minus one lender

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The government's Open Market Homebuy shared-equity scheme launched with only three lenders today, rather than the originally proposed four.

Advantage, Yorkshire Building Society and Nationwide will, from today, offer specific products for key workers, first-time buyers and social tenants with Bank of Scotland launching its own product later in the year. The delay in the launch of the Bank of Scotland product follows on from both Abbey and Alliance & Leicester pulling out of the scheme at an early stage of negotiations with the government. Yvette Cooper, minister for housing and planning at the Department for Communities and Local Government, said this morning there is support from the mortgage lending community and the DCLG i...

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