New Lenders Join Shared Equity Mortgage Plan
Boost for government HomeBuy scheme as 3 new lenders sign up
6th December 2005
The government's HomeBuy scheme received a boost when it was announced that 3 new mortgage lenders would be offering shared equity mortgages from October 2006.
Under the government scheme, which is intended to help first time buyers onto the property ladder, prospective buyers would take out a 75% mortgage with the difference in property price being covered by an equity loan from the lender and government.
The government hopes that the HomeBuy scheme will create an extra 100,000 homeowners by 2010.
The new lenders announced are Nationwide, HBOS, and Yorkshire Building Society.
Read More: BBC : Lenders join shared equity scheme
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