Andy Burnham announces scheme to help first

Share Save Add as preferred on Google Joe Pike , Political correspondent and Richard Wheeler , Political reporter EPA/Shutterstock The prime minister announced the scheme on the eve of the Labour Party conference in Liverpool Prime Minister Andy Burnham is to introduce a new scheme to try to help young people get on the property ladder.

The "Your First Home" scheme would be open to first-time buyers in England with a deposit of 2.5%. It would provide them with a loan worth 20% of their new build property's value to help pay for the purchase.

Burnham said people who do not have support from the "bank of mum and dad" are among those the scheme would aim to help.

There would be an initial interest-free period for the equity loan, with more details expected in next month's Budget.