[British Prime Minister to Announce New Aid Scheme for First-Time Homebuyers] British Prime Minister Burnham will unveil a new "home purchase assistance" scheme in a major policy announcement, designed to help first-time homebuyers who cannot rely on parental support. The scheme, named "Your First Home," aims to help people in England with stable incomes who struggle to buy a home due to insufficient savings for a large deposit or lack of family financial support. Under the scheme, first-time homebuyers will receive an equity loan equivalent to 20% of the property's value to help them purchase a newly built home. The loan will initially be interest-free, and homebuyers will only need to pay a minimum deposit of 2.5%.
