Britain launches first home loan in October budget

The British government confirmed that its October budget relies on a home purchase loan program backed by shared ownership, known as "First Home," aimed at supporting first-time buyers and revitalizing the construction sector. The program revives a previous scheme called "Help to Buy," which helped over 330,000 people own homes between 2013 and 2022. The program allows buyers to obtain a government-contribution loan covering 20% of the price of a new property, with a interest-free period during the first five years. Buyers can finance 75% through a mortgage while making a 2.5% deposit, with a maximum property value of £600,000. The shared ownership loan becomes due upon selling the home or after 25 years. Income and property price limits are set based on regions, aiming to direct support to needy families, stimulate the housing market, and encourage economic growth across the UK.

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