Half-Way to a Home ; First-Time Buyers Are Getting Government Help to Buy Their First Home, Says Jane Barry

Summary

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SHARED ownership is not the only way first-time buyers can find affordable homes. A new scheme allows you to buy your home outright, while only putting up half the price. The Government lends you the other 50 per cent without interest, in fact with nothing whatsoever to pay for the first three years.

The First Time Buyers' Initiative (FTBI) is run by government development agency English Partnerships working with private developers in London the housebuilders involved are Barratt, Wimpey and Bellway. You purchase your home from the developer and the Government chips in with the amount you cannot afford to pay.

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Extract

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Half-Way to a Home ; First-Time Buyers Are Getting Government Help to Buy Their First Home, Says Jane Barry

You must buy at least 50 per cent, including a five per cent deposit, and take out the maximum mortgage you can afford, based on three-and-ahalf-times your salary. But you are not a joint owner, you own the t...

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