PART XIV

LOANS FOR ACQUISITION OR IMPROVEMENT OF HOUSING

Assistance for first-time buyers

Advances to recognised lending institutions to assist first-time buyers.
445
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.
Ss. 445–450: power to amend or repeal conferred by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 171(1)(a)(2)