Mortgages. Open Market Homebuy scheme – whats it all about?

Summary

In 2005 the Government got everyone excited with the ( home insurance quotes ) announcement of an “Open Market Homebuy” scheme so first-time buyers could afford to buy a home. This article takes a look at what has, and more to the point what hasnt, been said.

Author: Anna Richardson (life insurance policies)

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It was big news for first time buyers back in 2005 when Gordon Brown announced ( pet insurance ) the new “Open Market Homebuy” mortgage scheme specifically for first-time buyers. Details were thin on the ground, but the message was clear, first time buyers would soon be receiving some support from the government. (mortgage quotations)

The scheme works by allowing a first time buyer to buy 75% of a property, so ( life insurance ) they only need to get a mortgage for 75% of the value, and they also wouldnt need to pay a deposit. The government and the mortgage lender would own the other 25%, and the borrower could either buy the other 25%, or part of it, as and when, or if the borrower decided not to buy it, it would simply go back to the mortgage lender and government when the property is sold. (travel insurance)

The scheme would open doors for first time buyers everywhere, who find ( secured loans ) themselves either only able to afford the smallest, cheapest properties, or many who cant afford anything at all! Its a particularly big problem for borrowers in London.

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