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The Government is today presenting a number of measures to help the UK housing market to set in motion by offering assistance to homeowners in financial crisis and first-time buyers.
Households in England earning less than £60,000 per annum will be assisted into home ownership with a loan of up to 30% of a property’s value.
The loan will be offered without any charge for five years, on new properties only.
When the five-year offer period expires, homebuyers will be accountable for a fee that will be paid to the Department for Communities and Local Government (DCLG).
The new scheme, called HomeBuy Direct, will be financed by property developers and government.
According to the DCLG, HomeBuy Direct will support both first-time buyers and the house building industry as the economy passes through a complex situation.
Homeowners in danger of repossession will be afforded some safety because councils and social housing landlords are being authorized to pay off lenders and rent properties back to their previous owners.
Those who are under stress with mortgage repayments will also have the alternative of selling a portion of their property or reducing their mortgage payments by applying for a special loan.
Finally, financial backing from existing budgets for social housing will fetch out ahead.
No figure has been announced yet but the amount is predicted to be less than £1 billion.
The loan would provide an opportunity to the people to cope with the financial pressure while looking out for a new property in an effective way.