Govt shared ownership scheme expanded

Published: May 15, 2008

The government has expanded a scheme, aimed at helping first-time buyers to make it into the housing market.

Caroline Flint, housing minister, has announced that all first-time buyers with a household income of £60,000 or below will have access to a shared ownership home.

It is good news for any new buyers trying to get a mortgage quote for the first time.

Ms Flint announced the plans which come under an expansion of the government's Homebuy programme.

Previously the scheme was only available to key workers and a select few others but now more people will be able to take advantage of it.

"Most families aspire to get onto the housing ladder, but are being priced out of the market. We want to give them the support to help them buy an affordable home," said Ms Flint.

"The long term solution to the challenge of affordability is to build more homes.

"But in the meantime, we are doing more by giving more first-time buyers thechance to boost their purchasing power and put their dream home within reach," she added.

Many first-time buyers who are getting a mortgage quote will be delighted by the news.