Older first-time buyers locked out of Help to Buy

clock

Housing minister Mark Prisk has acknowledged older first-time buyers may miss out on the government's Help to Buy scheme.

The Homes and Communities Agency delivering the programme cannot act as a first charge lender, meaning applicants for the Help to Buy equity loan must take out a mortgage. Prisk said: “I appreciate this may mean that some older purchasers may not be able to access the scheme.” Older people who missed out could join a shared ownership scheme instead, he said. He was responding to a question from Labour MP and former housing minister John Healey. The government’s Older People Shared Ownership Scheme allows elderly home buyers to purchase between 25% and 75% of a purpose-built prop...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on First time buyers

Three fund managers guilty of £7m sovereign wealth fraud

Three fund managers guilty of £7m sovereign wealth fraud

Trio guilty of multi-million dollar fraud linked to Libya

Julia Bahr
clock 21 February 2023 • 2 min read

Help to buy scheme to close this year, Treasury confirms

'Specific purpose successfully achieved'

Carmen Reichman
clock 30 September 2016 • 1 min read

Labour makes first-time buyer stamp duty pledge

Labour would make first-time buyers exempt from stamp duty for purchases under £300,000, Ed Miliband is due to announce.

Jenna Towler
clock 27 April 2015 •