Following the Chancellor's announcement of more help for key workers and first time buyers, the Housing Corporation has launched two new products to improve the affordability of property.
As part of the Government’s Open Market HomeBuy initiative, key workers and other first time buyers can access equity loans of up to 50% of a property’s value. The two schemes include Ownhome, provided in conjunction with The Co-operative Bank, and MyChoice HomeBuy, which allows applicants to access mortgage funding from a lender of their choice. The Ownhome scheme gives eligible applicants the chance to take an equity loan worth up to 40% of the value of a property. The equity loan features no interest for the first five years, followed by low rates – starting at 1.75% - for the next f...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
