First time buyers helped onto ladder

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MORE city residents could become owners of brand new homes thanks to an additional £280 million of Government funding to help first time buyers.

The scheme works by the Government and house builders underwriting 20 per cent of the equity value of a property so that first time buyers are only required to provide a five per cent deposit.

Milton Keynes South MP Iain Stewart said: “This scheme really helps first time buyers to secure the mortgage they need.”