As the schemes were previously only open to those who were able to obtain a mortgage on 75 per cent of the value of the property, with the government funding the other 25 per cent, the move will entice a larger amount of key workers and first-time buyers to sign up to the schemes, despite being on limited income.
Furthermore, these buyers will only have to pay stamp duty on their purchase once they own over 80 per cent per cent of the property.
It was revealed that the government was freeing up £8 billion for the creation of affordable housing.
It has also identified sites for 70,000 new homes in addition to the 40,000 already under construction to help achieve projected building targets by the year 2020.
