09 July 2009
The government is to scrap one of its low-cost home ownership schemes for first-time buyers.
Open Market Homebuy, which offers buyers low-interest equity loans to top up a regular mortgage, is being closed to new applicants, housing minister John Healey announced last week. Funding for 2009/10 has been fully allocated.
As part of his ministerial statement, which included plans to dismantle the housing revenue account, Healey said the government would focus on schemes that directly support new homes, including Homebuy Direct and Rent to Homebuy.
The announcement disappointed housing associations, which reported that Open Market Homebuy was popular. Many had also developed special products to promote the scheme.
The government is to scrap one of its low-cost home ownership schemes for first-time buyers.
Open Market Homebuy, which offers buyers low-interest equity loans to top up a regular mortgage, is being closed to new applicants, housing minister John Healey announced last week. Funding for 2009/10 has been fully allocated.
As part of his ministerial statement, which included plans to dismantle the housing revenue account, Healey said the government would focus on schemes that directly support new homes, including Homebuy Direct and Rent to Homebuy.
The announcement disappointed housing associations, which reported that Open Market Homebuy was popular. Many had also developed special products to promote the scheme.
