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H2B shared equity launch under scrutiny by NAO

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  • 12/02/2014
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H2B shared equity launch under scrutiny by NAO
The performance of government departments responsible for the design and launch of the Help to Buy shared equity loan scheme will be examined by the National Audit Office.

The National Audit Office, tasked with the job of scrutinising public spending on behalf of Parliament, will examine the roles played by the Department for Communities and Local Government, the Homes and Communities Agency and Local Government.

Progress of the scheme’s objectives to improve the affordability and access to homes and the stimulation of housing supply will also be assessed.

The scheme offers buyers a 20% equity loan, interest-free for five years, to add to the borrower’s 5% deposit which helps them buy a new build property from a participating house builder worth up to £600,000.

Since its launch in April last year, the scheme has assisted the purchase of 12,875 new homes in its first nine months according to DCLG statistics.

 

 

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