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Shared Ownership Schemes For First-time Buyers |
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(7th July 2008)
First-time buyers are being told they can avoid Big Brother style squabbles with a shared-ownership scheme from Cheshire Building Society Cheshire.
The lender is offering a 6.8 per cent three-year fixed-rate mortgage, with an overall cost of 7.3 per cent APR.
Cheshire's announcement comes after the government called for more first-time buyers to be given the opportunity to get onto the property ladder.
Under the new HomeBuy scheme, the government is offering buyers with a income of less than £60,000 a chance to purchase a percentage of a property, with the rest owned by a third-party – like a housing association.
The government plans to provide £270 million to build 1,500 new shared ownership homes in the UK, according to Firstrung.co.uk.
James Taylor, mortgage product manager for Cheshire, said: "Big Brother is a reminder to potential homebuyers that friends can easily become enemies when you move in together."
"Shared ownership is a great alternative," he added.
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