PART XIV LOANS FOR ACQUISITION OR IMPROVEMENT OF HOUSING

Assistance for first-time buyers

445C1Advances to recognised lending institutions to assist first-time buyers.

1

The Secretary of State may make advances to recognised lending institutions enabling them to provide assistance to first-time purchasers of house property in Great Britain where—

a

the purchaser intends to make his home in the property,

b

finance for the purchase of the property (and improvements, if any) is obtained by means of a secured loan from the lending institution, and

c

the purchase price is within the prescribed limits.

2

In this section “prescribed” means prescribed by order of the Secretary of State.

3

An order—

a

may prescribe different limits for properties in different areas, and

b

shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.