Govt urged to provide loans to first-time buyers

The Government is being called on to help first-time buyers with their deposits for an affordable housing mortgage.

The Affordable Homes Partnership says many prospective buyers are unable to raise the money for their deposits because some banks now want 20% of the cost of the mortgage in advance.

The organisation is proposing that the Government provide a deposit which the home owner would pay back over a number of years.

According to the Partnership Chairman, Des Geraghty , the changes would help people cope with the credit crunch.