Housing minister Mark Prisk has acknowledged older first-time buyers may miss out on the government's Help to Buy scheme.
The Homes and Communities Agency delivering the programme cannot act as a first charge lender, meaning applicants for the Help to Buy equity loan must take out a mortgage. Prisk said: “I appreciate this may mean that some older purchasers may not be able to access the scheme.” Older people who missed out could join a shared ownership scheme instead, he said. He was responding to a question from Labour MP and former housing minister John Healey. The government’s Older People Shared Ownership Scheme allows elderly home buyers to purchase between 25% and 75% of a purpose-built prop...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes