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4th Dec 2008
Government to provide loans to first-time buyers
Government to provide loans to first-time buyers
This afternoon the Prime Minister Gordon Brown has confirmed that the government will provide interest-free loans to first-time buyers in an attempt to bolster the floundering housing market.
The government is providing five-year interest free loans for first-time buyers who earn less than £60,000 a year to buy currently empty new build flats.
It is stumping up £300m to fund the programme that will see first-time buyers put 30% deposit down on new builds.
Housing minster Caroline Flint says: "We are giving a leg-up to first-time buyers keen to own a place of their own.
"Not only will this help first-time buyers, but it will also support the industry by identifying buyers for their new homes."
The government predicts that around 10,000 people will be able to buy a flat as a result of the scheme.
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