(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.
Modifications etc. (not altering text)
C1Ss. 222–227: power to amend or repeal conferred by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 171(b)(2)