Earnings limit of up to £140K for first-time buyers loan scheme
The Your First Home scheme will offer government-backed loans for those buying new-builds in England.
The government is expected to allow households earning up to £110,000 to apply for its new loan scheme to help first-time buyers in England.
As first reported by The Times, external, a higher earnings limit of £140,000 is expected to apply to those purchasing properties in London.
The Your First Home scheme will offer government-backed equity loans worth 20% of new-build properties purchased from participating developers.
The Times reported that ministers had initially decided to set the earnings limits at £90,000 for homes outside outside London and £110,000 in the capital, before concluding this would deny access to too many middle-earning couples, such as teachers and nurses.