The budget a step forward for first time buyers

The Co-operative Bank welcomes the budget announcement by the Government to help support first time buyers getting on the property ladder.

Our range of mortgage products includes Ownhome, our specific shared equity scheme to help first time buyers into the property ladder. The scheme has helped 800 first time buyers into the ladder already and we hope to do the same for 1,000 key workers during 2009.

Terry Jordan, Head of Mortgages at The Co-operative Bank said, "The Co-operative Bank remains fully committed to the first time buyer market and has competitive range of products including an application fee free options available to help first time buyers take their first steps onto the property ladder, and the stamp duty holiday for homes up to £175,000 proposed today would certainly help".

We welcome all the steps the government is taking like extending the shared equity scheme funding, the extension of the stamp duty and the boost of new Home building. Jordan continues: "We hope to see an increase in supply as a consequence of the £500m to kickstart stalled housing projects; we want to see more people getting on the property ladder and equally people being helped to stay in their properties".