The Government is going to try to help first-time buyers to obtain a mortgage. Its proposed shared-equity scheme will be aimed at helping 10,000 families buy a home for the first time. The cost of doing this - put at £250m - will be financed by the proceeds of the bank levy.
Meanwhile, one of the existing help schemes for existing homeowners in financial difficulty will be extended.
The Support for Mortgage Interest Scheme will last at least an extra year until January 2013, which Mr Osborne said would cut the mortgage arrears of 100,000 homeowners who become unemployed.
Extract taken from www.bbc.co.uk