Barratt to Sell Homes in State-Funded Plan to Increase Supply
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Barratt Developments Plc and more than 100 other U.K. homebuilders will help first-time homebuyers get cheaper mortgages through a government-backed lending program.
The 500 million-pound ($809 million) plan will help reduce the size of deposits to about 5 percent of a home’s value, Housing Minister Grant Shapps said in a statement today. The government and homebuilders will each provide interest-free loans equal to 10 percent of a property’s value for five years.