£140,000 Earnings Limit Set for Government-Backed First-Time Buyers Loan Scheme

The UK government has announced that its proposed Your First Home scheme, aimed at supporting first-time buyers purchasing new-build properties in England, will have an earnings limit of up to £140,000. The scheme, expected to launch next year, offers government-backed loans with favorable terms for first-time buyers. However, the income cap is set at £140,000, although this figure may vary depending on individual circumstances. The earnings limit is designed to ensure that the scheme remains affordable for those who need it most. Experts have welcomed the move, stating that it will provide much-needed support for those looking to buy their first home. To be eligible for the scheme, applicants must purchase a new-build property worth between £150,000 and £600,000. The government has also announced plans to offer interest-free loans for up to two years, followed by an affordable repayment plan of just 1% of the loan amount per annum. While details surrounding the exact terms and conditions of the scheme are still forthcoming, industry insiders predict that it will have a significant impact on first-time buyers. With its focus on supporting those with limited savings or higher incomes, the Your First Home scheme is set to become a vital lifeline for many aspiring homeowners.