A lack of funding for the MyChoice HomeBuy mortgage scheme is causing difficulties for first-time buyers (FTBs), it has been claimed.
According to Helen Adams, managing director at property website First Rung Now, a shortage of funding for the initiative is a "huge problem" for such people.
She said: "One of the few opportunities for FTBs is the HomeBuy schemes. They are really reliant on them as a way forward."
Currently, FTBs are struggling to get together the large deposits required by lenders to secure mortgages, she stated.
The MyChoice HomeBuy intitivate is a low-cost homeownership initiative that enables applicants to choose and buy a home on the open market with the assistance of a flexible equity loan.
Recently, huge demand for the scheme saw some councils facing a shortage of funds.
However, the Department for Communities and Local Government released a statement making it clear that it intended to inject further cash into the programme.
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